University Financial Summary 2024
UNIVERSITY FINANCIAL SUMMARY
Table of Contents
Financial Summary 2022-23
During FY 2023, the university's overall financial position increased by $3.6 million, or 0.9%, primarily due to adjustments in net pension liabilities, though a decline in net investment in capital assets partially offset this.
Total fees rose by $4.3 million (2.9%) primarily due to increased rates. After accounting for scholarship allowances, net tuition revenue increased by $1.6 million (1.4%). This growth occurred despite a decrease in enrollment, with an Academic Year Average (AYA) headcount dropping to 15,668 from 16,079 the previous year.
Operating expenses increased by $30.0 million (8.7%), driven by higher costs in salaries and wages, benefits, and supplies and materials. The $9.9 million increase in salaries and wages reflects full funding of negotiated wage increases.
Benefits expenses increased by $11.4 million (30.6%) primarily due to increased pension and health insurance costs.
Supplies and materials rose by $13.0 million (28.5%), including increases in food service costs ($4.9 million), non-capitalized equipment purchases ($5.5 million), and travel ($1.8 million).
There was a decrease of $9.0 million (-1.6%) in capital assets, primarily due to depreciation, despite new capital expenditures. A significant investment of $9.3 million was made in the Kaiser Borsari Hall Electrical Engineering and Computer Sciences building which will provide much-needed academic space and serve as a living laboratory for cross-disciplinary collaboration and hands-on learning.
Net Investment in Capital Assets decreased by $5.3 million (-1.3%), reflecting fewer capital expenditures and resumed bond payments. Bond payments resumed following the issuance of $21.8 million in revenue refund bonds in FY 2021, which had been used to defer debt service payments to mitigate the impact of COVID-19 on the university’s finances.
The impact of COVID-19 on enrollments is an ongoing challenge that will likely take years to fully surmount. This equated to approximately $9 million in tuition revenue decline between FY 2019 and FY 2020 on a recurring basis. There are positive indicators in enrollment, particularly with large first-year classes. To address the continued impact of lower enrollments, the FY 2024 budget includes reductions in the institutional budget of 3.0%.



Global sustainability honors for Kaiser Borsari Hall

Kaiser Borsari Hall, Western’s zero-energy building set to open in early 2025 for electrical and computer engineering and energy science, was honored by the Holcim Foundation for Sustainable Construction with a Bronze Award for the North American Region.