The Ozarks Technical Community College Board of Trustees will consider its purchasing plan for the upcoming academic year during its meeting Wednesday.
The board is set to approve a budget of $138,382,129 for the year, which runs until June 30, 2025, according to documentation released by the college.
The amount represents both expenditures and revenues — OTC prepares a balanced budget each year, said Drew Courtaway, the college's chief financial officer.
Trustees have already evaluated previews during meetings in May 2024. A full breakdown of the budget is expected to be released after the board approves it.
In March, OTC raised tuition fees by an average of 3% for the upcoming school year. The increase was hoped to generate about $1 million in additional revenue, and would be used to keep up with increasing costs. The increase package also made adjustments to program fees.
In May, the board approved an average salary increase of about 3% for adjunct professors, as well as full- and part-time employees who started before March 31.
Salaries for instructors are based on years of experience and level of education or training. The entry-level annual salary is $33,385, and the highest step for someone with a doctorate, according to the OTC salary schedule, is $80,610.
The college also has several ongoing construction projects that will be accounted for in the upcoming spending plan. Work continues on renovations of the Industrial Transportation and Technology Center and the Richwood Valley Campus, and the construction of the Airframe and Powerplant Training Center at the Springfield-Branson National Airport.
In May, the Missouri General Assembly approved an overall 3% increase in core funding for higher education institutions. That $51 billion budget is on the desk of Gov. Mike Parson, who can make cuts to it before the fiscal year begins on July 1.
