Trustees Approve FY19 Budget
June 15, 2018
University of Northern Colorado Board of Trustees approved the 2018-19 budget at its
regular meeting June 15.
The budget, which begins with the new fiscal year starting July 1, includes short-term strategies to address next year’s projected $4.5 million deficit as discussed at the board’s finance and audit committee meeting in April.
- Personnel savings from faculty and exempt-staff salary freezes (the state determines adjustments for classified staff). Also, vacant positions will be held open for 60 days before rehiring can occur. That also will allow time to review the position to determine need, and redefine or restructure the open position. Personnel costs account for 71 percent of the FY19 budget.
- Deferring capital projects (including technology infrastructure).
- Limiting investment in the university nine core plans.
Tuition, fees, and room and board are UNC’s main revenue sources, making up 65 percent
of UNC’s operating revenue (compared with state support of 20 percent.) While enrollment
continues to grow — fall 2018 enrollment is anticipated to be up by 11 percent from
fall 2017 — factors including increased competition have limited the growth projected
in the university’s five-year sustainability plan. As UNC enters the final year of
that plan, revenue has not kept up with expenses that include discounting strategies
for students and other strategic investments, while reserves have had to continue
to make up the difference.
In response, the university is relying on the short-term strategies as a bridge to long-term, sustainable strategies that will be identified amid a presidential transition.
Rates for the upcoming year will include a 3-percent tuition increase for undergraduate resident students. The 2018-19 rates for undergraduate and graduate students are available at www.unco.edu/costs
In other news, the board:
- Passed resolutions acknowledging the service of outgoing trustee Vish Iyer and UNC President Kay Norton, who has served in the position for 16 years. Iyer has served as the faculty trustee since 2008, and the next academic year marks the Monfort College of Business professor’s 34th at UNC. Meanwhile, the board’s resolution for Norton recognized her with president emerita status. Only three other presidents in UNC’s 129-year history have served longer. Read a profile of Norton in the latest edition of the alumni magazine.
- Announced that incoming President Andy Feinstein, with the board’s support, and Norton agreed that she will serve a part-time role during the fall semester to assist in the transition.
- Approved a capital construction plan, as required by the state, for projects from
FY20 through FY24. The list prioritizes campus projects in this order:
- Replacing one of three hot-water boilers for the heating plant.
- Upgrading mechanical systems (including HVAC and plumbing systems) in Gray Hall.
- Renovating Crabbe Hall (built in 1919).
It also includes cash-funded projects, which only proceed with donor funds, to renovate and expand the sports performance facility and renovate Gray Hall gym.
- Approved multiyear employment agreements for men’s and women’s head basketball coaches, as required by Colorado statute.