University of Northern Colorado trustees discussed the 2013-14 budget currently being developed during the board's regularly scheduled meeting March 8.
An update was provided on the work to date involving state funding, pricing, compensation and capital projects. A recommended budget will be brought to the board at the trustees' next meeting June 7.
While no permanent solutions have been identified for state fiscal challenges, state funding to UNC is expected to increase by $1.7 million to $33.6 million (partially restoring $12 million lost since 2008-09).
UNC considers a number of factors when setting rates, including prices of competitors, investments aligning with university planning to provide quality education to students, and students' willingness and ability to pay while taking into account the availability of financial aid. As in years past, the university will use 25 percent of new undergraduate and 30 percent of new graduate tuition revenue to increase institutional financial aid.
The pricing that will be part of the recommended budget will include: a 5 percent ($284/year) increase in resident undergraduate tuition, up to a 4 percent increase in resident graduate tuition, small increases in fees, and about a 3 percent increase in room and board.
Room rates will continue to fall into one of six tiers, based on the residence hall's amenities. Tier 1 prices will be reduced by $114 ($4,800/year) and Tier 6 will be $6,522 for freshmen. Returning residence hall students will be offered a discounted rate.
During the 2013-14 academic year, UNC will continue to progress on its goal identified in the compensation identity plan to offer competitive and fair compensation, which includes moving toward 90 percent of the average salaries of university peers by 2016-17, to recruit and retain employees. About 40 new positions are planned to meet increased demand in areas such nursing, education and counseling.
The financial plan also calls for $14 million in capital and deferred maintenance projects that will be covered by university reserves. One potential project would be to update Butler-Hancock Hall, site of indoor commencement ceremonies and sporting events, with air conditioning.
In other news, the board approved:
- Naming a room, The Phelps Family CAP (Contribute, Achieve, Pay it forward) Teaching Lab, in the new Financial Education Center in the Monfort College of Business. The naming recognizes a gift from Robert and Bonnie Phelps of San Jose, Calif., to support increased financial literacy among students. The Financial Education Center will replace the trading room, which is home to the award-winning Student and Foundation Fund class that manages an investment portfolio valued at more than $1 million. More details on the center at: http://mcb.unco.edu/FinancialEducationCenter
- A Faculty Senate amendment to the board policy manual to include "senior lecturer" as a title in faculty ranks.