UK trustees approve $1.8 billion budget with tuition hike

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June 14, 2006

Anonymous The Glasgow Daily Times Wed Jun 14, 2006, 09:45 AM CDT

LEXINGTON — The University of Kentucky’s Board of Trustees gave final approval Tuesday to a 12 percent tuition increase in a budget that adds 27 faculty positions.

President Lee Todd had argued the school needed to raise tuition to put the school in position to become a top-20 public research institution. The 12 percent tuition hike for the 2006-07 academic year was first announced in March.

The $1.84 billion budget provides $3 million to add the equivalent of 27 faculty positions. By 2020, it is expected to add about 625 positions. It also boosts student scholarships by $2.7 million and funds $754 million in capital improvement projects, including money for a new biological/pharmaceutical complex and an expansion of the UK Chandler Hospital.

The Board of Trustees also signed off on a plan to give faculty a higher pay raise than staff — a move resisted by many staff members. Todd said it is necessary to catch up with other schools in the top 20.

Under Todd’s contract, the board gave him a $115,000 job performance bonus — 92 percent of the maximum $125,000 he could have received based on bonus goals.

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UK trustees approve $1.8 billion budget with tuition hike

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