In addition to approving $53 million worth of renovations for IU sports complexes, the IU Board of Trustees approved the University’s operating budget for the 2016-17 fiscal year.
IU Acting Vice President and Chief Financial Officer Joan Hagen presented the budget plan to the trustees June 17, according to an IU release. The plan calls for spending $3.4 billion on IU campuses across Indiana — a 3.7-percent, or $122.2 million, increase from last year.
The budget also aimed to keep students’ financial well-being in mind by continuing the freeze on undergraduate resident student tuition at IU-Bloomington for the second year in a row.
The operating budget made room for faculty and professional staff’s salary increases of up to 2.5 percent, according to the release. Broken down, staff can earn up to a 1 percent baseline increase and a 1.5 percent increase for merit.
Minimum wage rate for temporary employees was also raised to $10.15 per hour.
The operating budget covers many of IU’s general costs, including employee salaries and benefits, energy and utility costs, and planning for strategic initiatives, according to the release.
Anicka Slachta
