The Services and Activities committee allocated more than $1.4 million toward the long-term debt payment this year. The amount was increased by $164,000 from last year’s payment to help decrease the debt that students will be repaying for decades.
Each year, the S&A committee approves millions of dollars in funding for various groups on campus. The money comes from student fees, which amounts to each student paying about $500 each year.
This year, the committee approved more than $8 million in funding for various student groups.
The long-term debt was accumulated from improvements made to the Compton Union Building (CUB), Rogers Field and the Valley Road playfields, said Barry Johnston, assistant vice president of business and finance. Students voted on each of these renovations in the past, and will continue to pay for them with installments from S&A fees.
“The S&A board decided we would go through all of the allocations and when we got to the end, we’d see where we were at,” ASWSU President Riley Myklebust said. “When we funded all the allocations that we felt were appropriate we (realized we) were under budget. So we have a fairly large reserve.”
The board debated whether to use the extra funds to reduce the S&A fee by $5 or to make an extra payment to the reserve, Myklebust said. The board voted to make the payment.
The payment would go to the debt that had the highest amount of interest, he said.
“I have not yet heard back about which project that is,” Myklebust said.
In addition to receiving S&A fees, there is also a separate CUB fee students pay that goes toward the debt, Johnston said.
The CUB renovation is paid with semi-annual installments of $323,500, Chief Budget Officer Joan King said. The building’s renovation is expected to be fully paid by October 2038.
The Valley Road playfields are paid for with two separate semi-annual payments because there were two components to the project, Johnston said.
The two payments amount to $184,650 (to be fully paid by March 2026) and $91,250 (to be fully paid by November 2021), King said.
The Rogers Field turf-replacement project is paid with annual installments of $97,260 until November 2015, she said.