LOUISVILLE, Ky. (May 11, 2012) — The University of Louisville Board of Trustees on Thursday approved a $482.6 million general fund budget for 2012-13. The budget includes tuition increases for students and funding cuts to departments totaling $6 million.
The general fund budget is used to cover the university’s primary operations, including salaries and most operating funds for units across campus.
UofL will suffer a 6.4 percent, or $9.7 million, cut in state funding, leaving little money for initiatives to help it meet its state-mandated goal to become a premier metropolitan research university.
“We’ve had 13 cuts (in state funding) in the past 12 years,” UofL President James Ramsey said. UofL also anticipates more than $3.9 million in additional fixed costs, such as contributions to employees’ health insurance, building leases and utility increases.
The 6-percent increase in tuition approved by the trustees will go into effect in fall 2012. Full-time undergraduate Kentucky residents will pay $4,733 per semester, an increase of $268. Vice President of Finance Mike Curtin reminded trustees that 95 percent of incoming freshmen receive financial aid and 38 percent of all UofL students don’t pay any tuition.
The budget includes a one-time, $1,200 payment to faculty and staff members. A one-time transfer of funds from the athletics department and the sale of property near Preston Highway and Eastern Parkway are the primary funding source for the payments, which will be distributed in July. Ramsey said the one-time payment will enable the university to show its appreciation to hard-working faculty and staff “without funding a salary increase on the backs of our students.” Ramsey, the vice presidents and deans will not receive the one-time payment.
UofL’s budget still must be approved by the Council on Postsecondary Education.
The board also approved:
• Honorary doctoral degrees for Bernard and Jean Trager. The late Bernard Trager was founder and former chairman of Republic Bancorp. The couple actively supported the university, its athletic programs and the community for many years.
• Resolutions recognizing achievements of outgoing Student Government Association President Kurtis Frizzell, the national champion cheerleading squads, the men’s swimming team and the men’s basketball team, which reached the NCAA Final Four in March.
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