HAGÅTÑA (The Guam Daily Post) — Each year, the University of Guam submits two budget requests, a full budget request and a Student Financial Assistance Programs request. For the latter, the university is asking for the same amount it sought last fiscal year.
The UOG Board of Regents on Friday approved Resolution 24–01, which asks the 37th Guam Legislature for $4.7 million to fund the Student Financial Assistance Program in the fiscal year 2025 budget request.
“Of course, the budget may change in September. There’s usually a reapportioned budget that is submitted for approval,” Regent Janice Malilay said.
The budget funds programs such as the Merit Award and the Pedro “Doc” Sanchez, Yamashita Teacher Corps, the ROTC program and the Triton Athletic Award, among others.
“If you look at the list, the Merit Award is the most expensive program. For those regents that do not know what the Merit Award is, it is given to the top high school students who have achieved academic excellence. There’s one scholar for every 5 students and, basically, it’s a full ride to the university,” Malilay said.
According to Malilay, the Merit Award alone costs $2,086,952 for the upcoming fiscal year.
Malilay also noted that the First Generation Trust Fund is zeroed out in the fiscal 2025 budget request.
“There is an anticipation of $1 million. However, we do not know when (we) will receive that award. Hence, zero under the budget for 2025,” Malilay said.
In fiscal 2024, UOG asked for $250,000 for the First Generation Trust Fund and an additional $386,530, which is less than 10% of the budget request, is for operational costs, which Malilay said could change as a result of the salary increase under the General Pay Plan.
Resolution 24-01 passed unanimously.
Regent Janice P. Malilay gives her committee report at a meeting of the University of Guam Board of Regents on Thursday, Feb. 22, 2024, in Mangilao.
