Austin Community College District (ACC) Board of Trustees approved a $491 million budget for fiscal year 2023-24 during its regular board meeting Monday, July 24.
The budget represents a 5 percent increase over the 2022-23 budget. The balanced budget includes raises for all employees, funds for the operations of new facilities, support for the Workday Student Information System implementation, and restoring cash reserves.
The FY24 budget includes a compensation package that provides all employees a raise, with the lowest-paid employees receiving the largest percentage increase. The compensation package includes raising the minimum wage to $22 an hour, a $4,160 or 6% raise for full-time employees, depending on which is higher for the employee, and an additional week’s pay per fall and spring semester for all adjunct faculty.
“I take immense pride in the ability of the ACC Board to unanimously endorse a well-balanced budget that addresses the needs of our students while ensuring competitive compensation for our valued staff,” says Dr. Barbara Mink, Chair of the ACC Board of Trustees.
ACC’s budget comprises three revenue streams: property taxes, which generate approximately 68% of the district’s total revenue; tuition and fees make up 14.4%; and state funding makes up 13.8%. The remaining 3.9% of the budget comes from other small sources of revenue.
The new budget cycle begins September 1, 2023.
Watch the recording of the budget adoption HERE.