Last modified: Friday, June 24, 2005
IU trustees approve $2.2 billion budget for 2005-06
GARY, Ind. -- The Indiana University Board of Trustees today (June 24) approved a $2.2 billion budget for the 2005-06 academic year that represents a 3.7 percent increase over the previous year.
Although the budget includes an overall $4 million drop in revenue from the state, additional revenue from enrollment and tuition increases provided the board with the resources needed to meet increased operating costs at all eight campuses.
The budget includes funding for salary increases ranging from 1 to 3 percent for most IU employees. Staff paid on a biweekly basis will get a 2.25 percent increase if their salaries are over $30,000 a year and a flat $675 for those under $30,000.
Vice President Judy Palmer, chief financial officer, told trustees that a significant amount of reallocation was required to fund these salary increases, particularly in light of the reduced level of state funding.
More information about the budget and salary policy is available online at http://newsinfo.iu.edu/pub/libs/images/usr/896_h.pdf and at http://newsinfo.iu.edu/pub/libs/images/usr/897_h.pdf.