IU Senior Vice President and Chief Financial Officer MaryFrances McCourt presented trustees with calls for spending $3.27 billion on IU’s campuses throughout the state.
“The approved budget represents a 3.7-percent increase — or $116.8 million — over the previous year,” according to an IU press release. “IU’s operating budget covers such expenses as employee salaries and benefits as well as energy and utility costs.”
The latest budget reflects the two-year freeze on undergraduate resident student tuition at IU-Bloomington’s campus approved earlier this month.
“IU’s recent tuition control efforts, along with a student financial literacy program that has garnered nationwide attention for its innovation and effectiveness, have contributed to IU remaining affordable and accessible to students and their families, and the IU Bloomington campus being the lowest average net cost of attendance in the Big Ten,” McCourt said.
The financial literacy initiatives have reduced undergraduate student borrowing by nearly 16 percent over two years, or approximately $44 million in debt saving, according to the release.
The press release also highlighted the operating budget for 2015-16, including merit-based salary increases for faculty and staff, minimum wage rates of $10 per hour for eligible support and service staff and $9 per hour for temporary employee.
Individual operating units have the discretion to distribute up to an additional 1.5 percent of their salary budget to high-performing employees, accoding to the release.
Student financial aid will increase 6.4 percent from last year to $245.6 million. State appropriations will also increase by 3.5 percent to $16.4 million, largely as a result of IU’s commitment to performance metrics established by Indiana Commission for Higher Eduation.
The approved 2015-16 budget has a focus on cost containment, with a particular focus on sustainability and energy efficiency, according to the release.
Bailey Moser
