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Board approves budget, recognizes outgoing members |
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Matt Lockwood |
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Jun 25, 2007 |
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The University of Toledo Board of Trustees approved a growth budget for the 2007-08 academic year on June 18 that has no increase in tuition for the first time in eight years, and allows the institution to begin implementation of its new strategic plan.
The budget, presented by Dan Morissette, senior vice president for finance and strategy, projects $731 million in revenue and $723 million in expenses.
The vast majority of UT’s revenue is expected to come from tuition and state funding, accounting for $345 million of income, and patient care, which is expected to generate $240 million.
Salaries and benefits totaling $385 million are expected to account for more than half of the institution’s expenses.
“Due to projected increases in student enrollment and patient care activity, we anticipate an $8.5 million margin after accounting for 2 percent salary increases, $6.6 million in new scholarships and student aid, $1.1 million for our faculty and minority hiring plan, and addressing other important initiatives,” Morissette said.
Morissette stressed, however, the UT budget is contingent on approval of the state budget.
The University budget is based on Ohio Gov. Ted Strickland’s proposal that calls for a 0 percent tuition increase the first year and up to 3 percent the second year. The governor’s proposal also would provide a 5 percent increase in state share of instruction dollars in 2008 and 2 percent in 2009.
If the state approves a budget closer to what the Senate is proposing, UT could receive an extra $700,000, but if it approves a budget more in line with the House, UT could receive about $1.1 million less.
The board also approved the fiscal year 2008 capital budget calling for $16.6 million in projects on the Health Science Campus and $4 million on the Main Campus. UT’s total FY ’08 restricted budget, including state dollars and ongoing major projects, totals $51 million.
In other business, the board’s nominating committee voted to keep the same officers as this year, including Rick Stansley as chairman.
It was the last board meeting for three members. Stansley read proclamations honoring the service of Alfred Baker, Robert Redmond and student member Joel Todd, who all completed their terms.
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| Outgoing Board of Trustees members posed for a photo following their final meeting. They are, from left, Joel Todd, student member, Robert Redmond and Alfred Baker. |
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