The Lone Star College Board of Trustees voted to adopt the 2022-23 General and Auxiliary budget during its August meeting. The LSC budget year runs from Sept. 1 through Aug. 31.
“Lone Star College remains committed to being good stewards of taxpayer dollars and will continue to operate in a fiscally responsible manner,” said Stephen C. Head, Ph.D., LSC Chancellor. “This budget will allow Lone Star College to fairly allocate resources to ensure student success.”
The FY23 budget calls for $426,179,903 in general and auxiliary expenditures, which represents a 5.9% increase from last year’s budget to allow for compensation for staff. The adopted budget also includes $4.8 million in non-compensation inflation contingencies, $3.5 million in coronavirus initiatives and $1 million to fund the upcoming Board of Trustees election which takes place this November.
The budget also calls for $11.1 million in reductions to help offset the increases.
“Part of this budget plan includes Lone Star College lowering the maintenance and operations tax rate and increasing the debt service rate to help pay off $18.6 million of debt early which will save $11.3 million in interest payments,” said Head.
The LSCS Board of Trustees will vote to approve this amended tax rate during its October meeting. The proposed total tax rate will remain the same rate at $0.1078.
Lone Star College enrolls over 80,000 students each semester providing high-quality, low-cost academic transfer and career training education. LSC is training tomorrow’s workforce today and redefining the community college experience to support student success. Stephen C. Head, Ph.D., serves as chancellor of LSC, the largest institution of higher education in the Houston area and has been named a 2021 Great Colleges to Work For® institution by the Chronicle of Higher Education, ranked 35th in Texas in the Forbes ‘America’s Best Employers By State’ list and recognized by Fortune Magazine and Great Place To Work® as one of this year’s Best Workplaces in Texas™. LSC consists of eight colleges, seven centers, eight Workforce Centers of Excellence and Lone Star Corporate College. To learn more, visit LoneStar.edu.