RVCS Finance Committee Meeting
Finance committee approved a 3.5% salary increase in the FY2027 operating budget (total FY27 budget $4,130,258); discussion noted a projected 2% tuition increase for 2027 and an estimated 17% rise in healthcare costs.
The Finance & Facilities Committee reviewed the March 31, 2025 financial statements and a reforecasted 2026 budget, noting updated DESE tuition data that projects a 6% increase in 2026 tuition revenue and a reforecasted net income of $140K. Committee members observed that expenses are generally in line with budget for three quarters of the year, with a noted increase in administrative fees and timing considerations for Q4 expenditures.
The committee then reviewed the draft FY2027 budget. Central Source’s conservative assumption of a 2% tuition increase for 2027, and an initial estimate of a 17% rise in healthcare and benefit costs, were discussed. Members concluded that a 3.5% increase in the salary line would produce a balanced FY27 budget; the motion to approve that 3.5% salary increase (which yields a total FY2027 budget of $4,130,258) was made, seconded, and approved with three ayes and two abstentions. No public comments or hearings were recorded in the minutes.