Last modified: Friday, June 27, 2003
Trustees approve 2003-04 budget
GARY, Ind. -- The Indiana University Board of Trustees today (June 27) approved a $2.08 billion operating budget for the 2003-04 fiscal year.
The budget provides for faculty salary increases of 2 percent to 2.8 percent across all campuses and staff salary increases of 2 percent. The budget also includes more than $8 million in additional student financial aid, additional support for research activities on the Bloomington and Indianapolis campuses, and full funding for the School of Informatics in Indianapolis, South Bend and Bloomington.
"The state budget approved earlier this year restored 50 percent of our previous operating appropriation cuts and provided funding for growth in enrollment, the School of Informatics and research activities, which will enhance economic development. We're appreciative of those efforts given the state's difficult financial situation," said IU Interim President Gerald L. Bepko.
"Indiana University's operating budget addresses the challenges of the state funding reduction which was not restored and rising health care and insurance costs, while at the same time it provides support for campus and school priorities which will continue to enhance the excellence of the university's teaching, research and public service activities," said Judith G. Palmer, IU vice president and chief financial officer.
The budget also allocates $12.2 million for the first round of Commitment to Excellence initiatives on all campuses that will be generated by the new student fee previously approved by the board. Commitment to Excellence programs will enhance academic excellence on IU's campuses through support of critical missions and initiatives, such as improving undergraduate instruction and recruiting and retaining outstanding faculty.
In May, trustees also approved the 2003-04 fee rates for returning students. Total mandatory fees will increase no more than 4 percent for returning students on IU's campuses. Total tuition and fee increases for new students range from 16.3 percent to 22.8 percent for resident students and from 8.7 percent to 10.2 percent for nonresident students.
IU's 2002-03 budget was $1.96 billion.