Indiana University trustees approve operating budget for 2016-17
FOR IMMEDIATE RELEASE
INDIANAPOLIS -- Indiana University trustees have approved the university's operating budget for the next fiscal year.
The fiscal year 2016-17 operating budget, presented to trustees today by IU Acting Vice President and Chief Financial Officer Joan Hagen, calls for spending $3.4 billion on IU’s campuses across the state. The approved budget represents a 3.7 percent increase -- or $122.2 million -- over the previous year.
IU's operating budget covers such expenses as employee salaries and benefits, energy and utility costs, and planning for strategic initiatives associated with the university's bicentennial plan.
The operating budget represents the second year of a freeze on undergraduate resident student tuition at IU Bloomington, which IU trustees approved in the spring of 2015. In addition to the tuition freeze, the operating budget includes a focus on financial aid, reflecting prioritization of student affordability and success.
The operating budget also includes a salary increase pool for faculty and professional staff limited to 2.5 percent, which includes a 1.0 percent baseline increase and up to a 1.5 percent increase for merit. The operating budget established an increase in the minimum wage rate to $10.15 per hour for temporary employees.
Other budget highlights include:
- A $12 million, or 2.5 percent, increase in state appropriations largely resulting from IU’s strong outcomes on performance metrics established by the Indiana Commission for Higher Education.
- A modest increase in the cost of employee benefits.