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Pennsylvania College of Technology's Board of Directors approved this week, a 2023-24 operating budget of $122.1 million that holds the line on tuition costs for students.
The budget, which totals $178.1 million overall, calls for a modest increase in some fees - which have not been raised in nearly 10 years - to offset rising commodity costs spurred by inflation.
Per-credit technology and health and wellness fees will increase by $10 or, on average, $150 per semester, holding the total impact for students to an increase of 1.67% in 2023-24.
Tuition and fees combined equate to $18,240 annually for a typical Pennsylvania resident student enrolled for two 15-credit semesters. Tuition and fees combined for non-Pennsylvania residents will total $25,980 annually for students taking the same number of credits.
Penn College's state appropriation is budgeted at $28.6 million, based on Gov. Josh Shapiro's proposed 2023-24 state budget. The projected appropriation accounts for 23.45% of the college's operating budget. The deadline for passing the state budget is June 30.
"Our goal is to place students in the most competitive position for long-term success, and we are working hard to mitigate the financial impact on our Penn College students and families in the budget planning," President Michael J. Reed said. "Thanks to generous industry and community leaders, we have been able to significantly increase access to scholarships and sponsorships, and we are working closely with our legislative leaders to advocate for more equitable funding for our hard-working students. We are a unique institution creating industry leaders and a skilled workforce in which there are pervasive shortages, and it simply costs more to deliver rigorous programs with items like passenger airplanes, robots, automobiles and the wide range of technologies needed within our 150 labs."
"It is no secret that, while it costs more to deliver applied technology programs, our institution also receives significantly less state funding per student than nearly all other public institutions," Reed continued. "We remain hopeful for equitable support from the commonwealth in this upcoming budget and within future cycles."
While costs associated with a few specific room types are projected to increase next year for students choosing to live on campus, the majority of the rates students pay for on-campus, college-owned-and-operated housing will not increase in 2023-24. Dining Services' meal plan rates will increase by 2%, due to inflation.
In response to rising commodity costs, the college's per-hour lab fee - associated with laboratory and/or clinical instruction - rises $15 in the 2023-24 budget. It was last increased in 2017-18.
Also included in the 2023-24 budget are voluntary gifts of $100,000 to the City of Williamsport and $35,000 to the Williamsport Area School District. These gifts are reevaluated annually.