06/14/2018 | News release | Distributed by Public on 06/13/2018 21:02
The UofL Board of Trustees Finance Committee on Wednesday approved a $1.2 billion budget that is focused on improving student success, enhancing recruitment and retention and improving the university's financial sustainability.
The budget, which includes a 4-percent tuition increase for in-state students and a 5-percent campus-wide budget cut, will be presented for final approval to the full Board of Trustees June 20.
'This budget is not ideal, but we have to work with the financial resources we have,' said UofL President Neeli Bendapudi. 'We are focused on protecting and improving the education and the university experience for all our students.'
Interim CFO Susan Howarth told the committee that UofL continues to deal with diminishing state funding, a huge budget deficit created by a previous administration and a push from the Southern Association of Colleges and Schools to improve its liquidity, or cash on hand.
'I ask for your patience and support as we make changes to strengthen the university while dealing with our fiscal reality,' Bendapudi wrote last week to faculty and staff. Calling the current budget a 'short-term fix,' she promised that long-term solutions will be developed with the students' best interests in mind.
'While the challenges we face are significant, I am confident we are more than up to the task,' she said. 'And I am confident that, as a team, we will work through this issue and come out an even greater university.'
Budget highlights include: