The University of Colorado on Friday unanimously approved a $4.5 billion total budget for the next fiscal year, which begins July 1.
The Board of Regents approved the budget, which represents about a 9.1 percent increase over this year’s budget of $4.11 billion, during a full board meeting at the Boulder campus on Friday. Direct state funding accounts for $234.5 million, or 5.2 percent, of the overall budget.
The system’s operating budget increased 6 percent, its auxiliary budget increased 11.5 percent and its restricted budget increased 10.9 percent — all of which are totaled in the overall budget. Factors driving the operating budget increase include increased state funding, increased enrollment and retention of students, and increased tuition, said Todd Saliman, CU vice president of budget and finance and chief financial officer.
The approved system budget includes a total budget of $1.8 billion for the Boulder campus, of which $873.4 million will serve as the campus’s operating budget for educational and general expenses. The total budget includes research activity and business operations, such as the bookstore, and represents about a 6.5 percent increase over this year’s budget of $1.69 billion.
In April, the regents voted to increase tuition and fees by 3.7 percent on the Boulder campus. Incoming in-state undergraduates will pay an additional $448, totaling $12,524. The increase is based on 30 credit hours a year for students in the College of Arts and Sciences. Tuition for returning undergraduates will not increase because of the tuition guarantee that locks in costs for returning students for four years.
The Boulder campus is eliminating course and program fees in the fall, which the campus will absorb in its budget. University officials now estimate the total cost will be $10.4 million. The budget also includes about $3.2 million for a compensation initiative for employees such as faculty instructors, graduate student teaching faculty and front-line service employees; funds for the new merit-based Impact Scholarship for incoming Colorado resident students; and increased funds for colleges and schools to support costs associated with growing enrollment, according to the university.
Salaries of direct reports to the board, including CU President Bruce Benson, have not yet been approved by the board, Saliman said. Neither has the salary of Boulder Chancellor Phil DiStefano, which is set by Benson.
During the board meeting and after the board passed the budget, Regent Glen Gallegos, a Republican from Grand Junction, briefly addressed Saliman and the board. He suggested they further discuss the affordability of higher education at their July retreat or their next meeting.
“We think that we’re spending money in the way that it needs to be spent and making the right choices and the right majors and the accountability that goes with that,” Gallegos said. “But, I think that when you’re out with the public, they still are thinking that affordability for higher education is an issue and a problem.”
Cassa Niedringhaus: 303-473-1106, cniedringhaus@dailycamera.com