Budget Development Shaped by Vision 2010 Plan

The Meredith College Board of Trustees approved the College's 2006-07 operating budget at its spring meeting, held March 30-31. Development of the budget was extensively guided by the goals and objectives contained in Meredith's new strategic plan, Vision 2010.

One of the primary goals of Vision 2010 is to improve salaries and benefits for employees. The $47.7 million budget includes a 4% pool of funds that will be used for salary increases. This budget includes funds to increase the College's contribution to retirement plans for faculty and administrative staff from 5% to 7.5%. The College already contributes 7.5% to retirement plans for other employees. This increase makes Meredith's benefits more competitive with peer institutions.

Also included in the 2006-07 budget is funding for new staff positions, including positions to support web maintenance and development, in keeping with the Vision 2010 goal to expand communication, including technology, to promote the College's outreach.

The budget includes funding for a new associate vice president for business and finance position. The College will also add an additional residence director to its staff as the College reopens Vann Residence Hall next fall. The budget also contains increased resources for the School of Business, in accordance with Meredith's plan to achieve Association to Advance Collegiate Schools of Business accreditation.

Also at its spring meeting, the Board approved undergraduate tuition and fees for 2006-07 at $21,150, and room and board will be $5,940. Meredith's cost continues to be below the national average for all private four-year colleges and universities. The new budget also includes a $1.07 million increase in financial assistance to make a Meredith education available to more students.