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APPROVED 08/18/2022<br />
TUITION REVENUE<br />
Significant dem<strong>and</strong> inconsistencies noticeably<br />
muted tuition revenues during the height of the<br />
p<strong>and</strong>emic, which led TSTC to set a conservative<br />
revenue budget of $44 million for fiscal year<br />
2022. But the resiliency of TSTC students,<br />
faculty <strong>and</strong> staff kept operations running at<br />
healthy levels, <strong>and</strong> resulted in actual tuition<br />
revenues exceeding budget by $10 million.<br />
Early enrollment data for the Fall semester of<br />
fiscal year 2023 suggests new student counts<br />
are growing, but the impact of the p<strong>and</strong>emic<br />
continues to dampen returning student counts.<br />
Accordingly, the revenue budget for fiscal year<br />
2023 reflects small, but important growth<br />
as TSTC continues to shake off p<strong>and</strong>emic<br />
uncertainty <strong>and</strong> plans for a season of growth<br />
<strong>and</strong> expansion.<br />
Figure 09<br />
Tuition Trends<br />
<strong>Budget</strong>ed Tuition<br />
Actual or Forecast Tuition<br />
2019 2020 2021 2022 - Forecast 2023 - <strong>Budget</strong><br />
52.75M<br />
55.13M<br />
43.83M<br />
43.66M<br />
42.32M<br />
45.43M 47.28M 44.19M 43.97M 55.13M<br />
*Bars represent the <strong>Budget</strong>ed Tuition for each Fiscal Year<br />
*Line represents the Actual or Forecast Tuition for each specific Fiscal Year<br />
22<br />
STRATEGIC PLAN & BUDGET REPORT
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