LOCK HAVEN-Amid rising benefits and pension costs, Lock Haven University is still seeking out ways to keep their education affordable for students, LHU's Council of Trustees said last evening.
"Benefit costs are going up," said Vice President of Finance and Administration Bill Hanelly.
This isn't a problem isolated to LHU, Hanelly said; it's due to rising health care costs across the nation.
Benefit costs for this fiscal year are $15,809,913, and are projected to rise to $17,225,224 fiscal year 2013-14, and to $18,740,224 fiscal year 2014-15, according to Hanelly's projections.
That, plus state appropriations are flat; they project the state appropriations to be the same for the next three years, according to the preliminary educational and general budget projections Hanelly presented. That number is at $19,807,728 per fiscal year. There are no federal appropriations.
This fiscal year, they were able to avoid a funding gap by reducing operating expenses, utility costs and creating more efficiencies, among other measures, Hanelly said.
Although tuition was raised 3 percent to $38,564,702 this fiscal year, Hanelly emphasized they're doing all they can to not put the financial burden on the students.
"We're not trying to do this on the backs of students," he commented.
For the complete story, see today's print edition of the Lock Haven Express.
