LOUISVILLE, Ky. (May 15, 2015) – The finance committee of the University of Louisville Board of Trustees has approved a $511 million university budget for next fiscal year. The full board is expected to consider final approval of the 2015-16 spending plan at its next meeting, scheduled for June 4.UofL
The proposed budget includes:
– 3 percent salary increase pool for UofL employees;
– 3 percent tuition increase;
– 3 percent increase in student financial aid ($1 million);
– $750,000 for the University of the 21st Century initiative.
During its May 14 meeting, the committee also approved a wish list of capital construction projects to present to state government leaders. If the list is approved by the full board of trustees, UofL’s top priority would be a new $72 million instructional building on the Health Sciences Center campus.
UofL president Dr. James Ramsey pointed out that the budget of all UofL-related entities including the UofL Athletic Association, UofL Research Foundation and others will top $1.2 billion next fiscal year with $141 million or 11 percent of the money coming from state support.
The board’s audit committee met May 13 and recommended approval of a contract extension for Strothman and Company, the firm that reviewed UofL’s financial management systems, made recommendations for improvements and is overseeing the university’s implementation of the changes. UofL has paid Strothman $179,808 since July 2013.
At a special meeting yesterday, the full board of trustees approved the merger of two School of Medicine divisions into a new Department of Otolaryngology – Head and Neck Surgery and Communicative Disorders.
The trustees also received updates on several issues involving the Health Sciences Center campus including the School of Medicine accreditation and the partnership with KentuckyOne Health.