The University of Northern Colorado Board of Trustees on Friday approved an operating budget for the upcoming year that makes significant progress toward eliminating the $10 million structural deficit.

The budget includes cost-saving measures that limit reserve spending to $1.1 million in 2019-20. Chief Financial Officer Michelle Quinn reiterated that all divisions either met or exceeded their cost-saving goals as part of a yearlong effort to identify savings. The university remains on track to eliminate the deficit entirely by Fiscal Year 2021.

In setting tuition, a $4.6 million (13 percent) increase in state funding will allow the university to keep tuition at 2018-19 rates for resident undergraduates. Tuition and fee rates for 2019-20 will be posted here in the coming days.

While the university is projecting fewer incoming full-time, first-time freshmen this fall — due to a combination of factors including increased competition — the Strategic Enrollment and Student Success Plan sets priorities to address not only enrollment but student retention and persistence. Implementation of the plan is already underway.

The complete budget is be available here.

In other news, the board approved:

• A resolution to explore refinancing bonds issued in 2011. Trustees Dick Monfort and Kevin Ahern will lead a pricing committee that will decide if rates are favorable. Refinancing at current rates could save the university up to $200,000 annually in interest over the next 12 years, Quinn said.
• Capital construction priorities for FY21-25 as required by the Colorado Department of Higher Education.
• Promotion and tenure for these 28 faculty and emeritus status for these 36 faculty.
• Amendments to the student health insurance policy and parental leave policy to clarify requirements and eligibility.