C. Fisher presented the FY25 Draft Budget.  P. Ditchfield questioned why the tuition revenue and salary line differed from the 5 year projections presented at the last meeting.  C. Fisher explained that DESE's projected rates were realized with a memo noting a lower % increase overall.  The budget was created taking a conservative approach and used the average 4.2% increase instead of the projected 6% increase. DESE will be revising rates in April and the budget will be revised if needed.  The increase in the salary line in the budget is due to a 4% increase for staff instead of a 3% increase and a 10% increase in fringe as a placeholder.  Benefit renewal is in process and anticipating a decrease in overall premiums if successful with going to market, however the budget includes the 10% increase as a worse case scenario.

Revised Draft Budget will be reviewed at next Fincom meeting.