POPLAR BLUFF, Mo. -- Out-of-district students attending Three Rivers College will pay a tuition rate of $117 per credit hour, effective with the 2012 fiscal year.
The $10 increase was approved during the Three Rivers College board meeting Wednesday afternoon. The increase will apply to classes at the Cape Girardeau Partnership for Higher Education, where students are charged the out-of-district rate.
At the January meeting, the board approved a $5 increase to $72 for in-district students and a $10 increase to $144 for out-of-state students.
Chief Financial Officer Charlotte Eubank explained the estimated additional revenue of $921,408 from the tuition increases is needed due to a 7 percent cut in state appropriations, higher costs for retirement, health insurance premiums, fuel and utilities and deferred building maintenance projects, including the Tinnin Center roof and student housing improvements.
The additional expenses are anticipated to total $991,502, which is $70,094 more than the new revenue, according to Eubank.
Butler, Ripley, Carter and Wayne counties are included in the Three Rivers taxing district, but the college also serves students from 11 other counties in Southeast Missouri.
Dr. Wesley Payne, vice president for learning, presented a report on credit hour production which was "split pretty even" during the fall of 2010. In-district students accounted for 50.3 percent of the credit hours, out-of-district students 47.1 percent and out-of-state students 2.6 percent.
Eubank reported revenue have exceeded expenses by $4.6 million during the 2011 fiscal year, which started July 1, 2010, enabling the college to move another $200,000 into the reserve fund.
President Devin Stephenson commended all the staff members for careful management of the finances. The reserve fund now totals $3.8 million.
"This is a phenomenal report," Stephenson said. "I thought it would take two and one-half to three years. We should reach $4.5 million in the reserve fund at the end of this fiscal year."
TRC board president Marion Tibbs thanked Stephenson for "putting together a good team" that is doing "a very good job" to improve the college's financial situation.
2080 Three Rivers Blvd., Poplar Bluff, MO