Keene and Plymouth secure $6M state funding to stabilize budgets and improve fiscal health

The House Finance Division II of the New Hampshire House of Representatives convened on January 27, 2025, to discuss key financial matters affecting state universities, particularly Plymouth State University (PSU) and Keene State College. A significant focus of the meeting was the allocation of $3 million provided by the state in the previous budget, which was matched by PSU, aimed at stabilizing their financial situations.

Hennen Keane, representing PSU, reported that the funding had successfully helped both institutions balance their budgets after years of operating deficits. He noted that Keene had been in the red for six to seven years but is now breaking even, attributing this improvement to the financial cushion provided by the state funds.

As the committee prepares for the upcoming biennium, there was a discussion about the potential for a gradual reduction in funding to allow for better financial planning. Keane emphasized the urgency of making decisions as the new fiscal year begins in five months.

The committee also requested detailed budget information from PSU, including a breakdown of housing fees and tuition for in-state and out-of-state students, as well as data on partnerships with the University of New Hampshire (UNH) over the past decade. Additionally, Representative Papavicci highlighted a request for $188 million in direct reserve spending, seeking clarity on the distribution of federal and state funding.

The meeting concluded with a commitment to follow up on these requests and ensure that all necessary information is provided to the committee members. The representatives expressed appreciation for the presentations and discussions held over the past weeks, indicating a collaborative approach to addressing the financial needs of the state's higher education institutions.