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Michigan Tech Board Approves Budget
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June 24, 2005--Michigan Tech’s Board of Control approved a balanced general fund budget June 24 for the 2005-06 fiscal year.
The $111.5 million budget is up about $3.6 million and assumes a state appropriation of $48.0 million, a decrease of about $2.0 million from the year ending June 30.
The state has not yet passed its higher education budget, so MTU’s figures are based on a formula being used by the Michigan House of Representatives to allocate funds to the state's 15 public universities. The formula is based in part on federal research funding, which has helped increase MTU's share of the $1.4 billion the state spends on its university system.
The Board of Control approved a 7.7 percent increase in tuition and mandatory fees, which is in the neighborhood of increases under consideration at other universities throughout the state. Last year, MTU had the lowest tuition hike among Michigan's public universities, 2.3 percent.
For an undergraduate Michigan resident taking 15 credits, tuition and required fees will increase from $7,610 a year to $8,194. Revenue from tuition and fees is expected to be $57.3 million, an increase of $5.5 million over last year’s budget.
Based on current enrollment deposits, the number of new undergraduates this fall should be up by about 140, an increase of nearly 10 percent over last year.
The budget includes an additional $1.7 million for raises, an increase of 3.7 percent over the current wage base of $45.8 million. Three percent will be distributed at the unit level while 0.7 percent will be available centrally for marketplace and equity adjustments. Graduate students will receive additional assistance with their health care premiums.
Both Michigan Tech President Glenn Mroz and Mike Henricksen, chair of the board’s finance committee, said they were particularly pleased that the board approved salary and wage increases, since most university employees have seen virtually no pay hikes for two years. “Our priorities are providing a quality education for our students and rewarding quality performance by our faculty and staff,” Mroz said.
“We fully endorse the raise pool,” Henricksen said. “It’s important to attract and retain the finest faculty and staff.”
The board also set new residence hall room and board charges for the coming year. Increases range from 4.3 percent to 4.7 percent. The annual rate for a standard occupancy room and 19 meals per week in Wadsworth Hall, the university’s largest residence hall, will be $6,572, an increase of 4.4 percent.
In other business the board
* gave final approval to three new bachelor of science programs in construction management, mechanical engineering technology and electrical engineering technology, and a PhD in Biomedical Engineering
* heard a report from Vice President of Administration Ellen Horsch on the four university unions: the 307-member AAUP, which is negotiating a contract; AFSCME, with 175 members, whose contract expires Oct. 15; and the 163-member UAW and the eight-member POA, whose contracts expire June 30.
* heard a report from Vice President for Student Affairs Les Cook detailing increases in applications and enrollment deposits for fall 2005.
* heard from Chris Anderson, executive director of educational opportunity and special assistant to the president for diversity, and Peter Larsen, coordinator of youth programs, on the successes of the Summer Youth Program. |
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