UK to vote on multibillion-dollar budget this week. Here’s what readers think about it
On Friday, the University of Kentucky Board of Trustee will vote on a $5.6 billion budget for the next school year.
The proposed budget is the largest in the school’s history, and includes a 2% tuition increase, more than $17 million to go toward raises for employees and millions toward new facilities on campus.
“We believe we are positioned, like never before, to do more for our state,” President Eli Capilouto said last week. “We have big goals and far-reaching aspirations for Kentucky — not only because it is what we want, but because it is what our state requires.”
What happens next with the budget?
The board of trustees meets this week, with committees meeting on Thursday afternoon and Friday morning. The finance committee will first vote on the budget, and then it will go to the full board for approval. That is scheduled to take place on Friday afternoon.
In a response to a poll from the Herald-Leader, 10 readers shared their thoughts on the budget, and most said they generally support the proposed budget.
The inclusion of faculty raises and money for student scholarships were both cited as positive aspects of the budget.
Some respondents questioned why UK is raising tuition. The Kentucky Council on Postsecondary Education sets tuition increase limits for universities in the state. For the 2021-22 and 2022-23 academic years, tuition cannot increase by more than 3% over those two years, and cannot increase by more than 2% in a single academic year.
UK raised tuition by 1% last year, meaning it has raised tuition by the maximum allowed over two school years.
When asking what they think is missing from the budget, one respondent said they would like more “transparency regarding the rising costs of education.” Another respondent said “tuition discounts.”
In response to the question “Do you agree with this statement? Overall, I think this budget will move the University of Kentucky in the right direction,” 60% of respondents either agreed or strongly agreed.
Budget overview: Tuition, raises and new buildings
Under the proposed budget, tuition and mandatory fees for in-state undergraduate students would increase by 2% from last year.
UK is expecting a record-setting class of 6,000 freshmen this fall, resulting in nearly $50 million in revenue in the budget from tuition and fees. Additionally, UK has budgeted nearly $162 million in scholarships and grants for students, up $14 million from what was budgeted last year.
UK has also included $17.3 million available for employee raises. Eligible employees will receive at least $1,000, but could potentially receive a higher raise. Department supervisors have been given the flexibility to distribute raises as they see fit.
Included in the budget is also several major capital projects, including a new health education facility and a cancer and ambulatory facility. The health education building will have space for four different colleges and focus on educating future health care professionals.
This story was originally published June 15, 2022 at 3:46 PM.