WKU’s total revenue surpassed its total expenditures for the first time since Fiscal Year 2022 in FY 2025, WKU Executive Vice President for Strategy, Operations and Finance Susan Howarth said at Friday’s Board of Regents meeting. 

WKU’s total revenue for FY 2025 totaled more than $360 million, which was $29,028 more than the university’s total expenses, and follows two years of overspending. 

WKU spent more than $11 million than it earned in 2023 and nearly $4 million more than it earned in 2024. 

The 2025-26 budget, passed in a June 6 meeting, was the first budget in 20 years not reliant on carry-forward dollars.

When WKU President Timothy Caboni started at WKU, the university had an over $40 million shortfall. The shortfall led to several years of budget cuts, job eliminations and early retirement incentives. 

The balanced budget was a result of WKU’s two-year, $24 million budget realignment plan, Howarth said, which was approved by the Regents in June 2024. The plan included a 7.5% reduction in spending across the university. 

The Regents also approved plans to institute a tax on most revenue-dependent units, which was set at 13% and implemented in the FY 26 budget.  

WKU President Timothy Caboni said in the meeting that WKU did not use carry-forward dollars, or money from previous budgets, to balance the budget. 

WKU’s net tuition revenue, which Howarth said includes looking at both enrollment and financial aid strategies, also grew, increasing by more than $5 million — totaling to $126.6 million— from FY 24 to FY 25. 

Howarth said the first quarter of FY 2026 is showing a continuation of the upward trend in revenue. Howarth said the net operating result in the first quarter of FY 26 has increased $3.5 million from the prior year. 

Based on the first quarter, WKU is “looking at ending the year anywhere between $4 (million) and $7 million” more in revenue than expenses, Howarth said. 

Net tuition revenue is also seeing an increase in FY 26 of “about $4.5 million,” Howarth said.