Recognizing the financial strength of the university and the long-term responsible management of university resources, the Â鶹ÊÓƵ Board of Trustees recently approved a $686 million operating budget for the university’s eight-campus system for fiscal year 2017 (July 1, 2016-June 30, 2017).
The budget recognizes the importance of affordability as well as the need to provide a high-quality educational environment and adequate resources for the success of all students. Priorities in the new budget include investments in student financial aid, investments in academic programs, compensation increases for employees and anticipated increases in healthcare costs for faculty and staff.
Revenue highlights include:
- Revenue for fiscal year 2017 is budgeted to be 3 percent higher than the prior fiscal year. Tuition, fees and the state appropriation represent 84 percent of the total revenue.
- State appropriations are expected to increase 4 percent over the prior year due to an increase in the state’s overall higher education appropriation.
- The expected increase for tuition and fees – 1.4 percent over the prior year, – reflects the freezing of in-state undergraduate tuition and modest increases in graduate tuition and out-of-state surcharges that place Â鶹ÊÓƵ’s tuition and fees at or below the average for state universities. In all, 87.6 percent of undergraduate students and 73.7 percent of the total student population will see tuition remain the same.
Expense highlights include:
- Consistent with prior years, salaries and wages and the associated benefits represent the largest component – more than 70 percent of the university’s total expenditures.
- Salary increases of 2 percent were included in the fiscal year 2017 budget for bargaining units in accordance with current contracts. A similar provision was included for unrepresented employees.
- The cost of healthcare has continued to rise nationwide. Based on this trend, the amount budgeted for employee healthcare in 2017 is 5.8 percent higher than the prior year.
- The university has continued to support students through scholarships. In the fiscal year 2017 budget, scholarships account for $55.9 million, which is an increase of 8.9 percent over the prior year’s budget.
- Funding for strategic university initiatives ($1.6 million) has been included in the fiscal year 2017 budget.
