Louisville, Ky., –The University of Louisville Board of Trustees on June 4 approved a $511.2 million general fund budget for 2015-16 and a $2.2 billion six-year capital plan that will help shape campus development into the next decade. The budget also features a tuition increase for all students.
Despite no increase in state funding, the budget allocates more than $10.3 million for strategic initiatives. That figure includes more than $1 million for student initiatives and a faculty/staff salary increase pool of 3 percent. In addition, the budget sets aside $750,000 to fund recommendations in UofL’s 21st Century University Initiative, which will position the university to better serve its students and the Commonwealth.
The trustees also approved increases in tuition and fees for the 2015-16 academic year. The increases include a 3 percent across-the-board tuition hike. In-state undergraduate tuition will increase $153 to $5,271 per semester, while non-resident tuition will rise to $12,424 per semester. Final approval for tuition increases must come from the Kentucky Council on Postsecondary Education.
The capital plan includes projects proposed by the university; all projects require legislative approval. UofL’s plan includes an instructional building on the Health Sciences Campus, an expansion of Papa John’s Cardinal Stadium and several research and office buildings on the ShelbyHurst Campus, all of which are proposed for the 2016-18 biennium.
It also calls for funding of smaller projects including building renovations and investments in technology. Funding sources for this “wish list” range from the state’s general fund to restricted funding and agency bonds, as well as from private sources.
The plan now goes to the Kentucky Council on Postsecondary Education and the Capital Planning Advisory Board, which will incorporate it into a statewide recommendation for upcoming budget cycles. Only projects proposed for 2016-18 will be considered for the next state budget.
The board also approved creation of a doctor of nursing practice (DNP) degree effective May 2016. The degree will help the School of Nursing meet an American Association of Colleges of Nursing mandate that all programs preparing advanced practice registered nurses (APRNs) transition to the DNP.