IU Trustees Approve Operating Budget

Posted: Updated:
BLOOMINGTON -

The Indiana University Board of Trustees has approved the university's operating budget for the 2018-2019 fiscal year. IU says the budget includes $3.7 billion in spending across all of the university's campuses, a 2.5 percent increase over the previous year. The budget also includes previously-set resident undergraduate tuition and fee increases, as well as a salary increase for faculty and professional staff.

IU says the 2.5 percent increase is the smallest budget increase in three years. The budget covers employee salaries and benefits, energy and utility costs, and planning for strategic initiatives. 

The university says the salary increase comes with an additional focus of increasing the pay of employees who earn less than $15 per hour. Those in that category will receive a 2-percent increase along with a $600 bonus, which also took occurred in the previous budget. IU says the move is part of an effort to bring all employees to a wage of at least $15 per hour by the university's bicentennial in 2020. 

IU Vice President and Chief Financial Officer John Sejdinaj and Associate Vice President for Budget and Planning Samuel Adams have also proposed to the trustees a change in the construction of the next budget. They are recommending that the university examine a move to a two-year budget cycle, creating the opportunity for IU to follow the cycle of tuition and state revenue appropriations, which are done on biennial cycles. 

IU says moving to a two-year cycle will create efficiency in the budget planning timeline and allow for more focus on long-term financial planning. The board endorsed the recommendation.

  • Perspectives

    • Investing Lessons from Mount Elbert

      With little mountain-climbing experience under any of our belts, a few friends and I decided to take on Mount Elbert, Colorado’s tallest mountain. While regular climbers may not consider this “Gentle Giant” a tall task, it was for us inexperienced climbers.  Is investing your “tall task”? If so, you can learn a lot from our experiences. And you won’t have to climb a mountain to do it!

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • ‘Potential’ Fueling Downtown Makeover in Fort Wayne

      As Fort Wayne prepares to christen its latest big downtown project, Mayor Tom Henry says there are no signs of transformational development slowing down in the state’s second largest city. The Landing, a $34 million downtown redevelopment project, is expected to officially open soon, one of an estimated 14 projects that Henry says can help Fort Wayne become a destination city. Since the opening of Parkview Field more than a decade ago, Henry says momentum has...

    • New study reveals best place in Indiana for young families

      And the Best Place for Young Families Goes To...

      What do you look for in a community when deciding where to start a family and raise your children? There can be several factors to weigh in making a sound decision. Housing affordability. Unemployment rates. Quality of education. Mortage website Lendingtree.com has released the results of a study pointing to the best places for young families in Indiana.

    • (image courtesy of WPTA TV)

      Indiana Plants Impacted by UAW Strike

      The United Auto Workers union, which totals approximately 49,000 workers at 33 General Motors Co. (NYSE: GM) plants nationwide, went on strike at midnight. The strike affects workers at GM plants in Fort Wayne, Bedford, Marion and Kokomo. The Fort Wayne plant, which assembles full-size pickup trucks, employs about 4,500 UAW workers. Our partners at WPTA-TV in Fort Wayne report several hundred were seen on the picket line throughout the day. In all, about 7,000 UAW...

    • Photo courtesy of Bristol Parks

      Startup Plans to Add 250 Jobs By 2021

      A metal forming startup is seeking to use a facility in Bristol that has been empty since 2017 for a major manufacturing operation. The Elkhart Truth reports Brinco will invest $52 million in the project and add 250 jobs.

    • Diamond K Sweets Fudge O'Bits

      Spencer Confectionery to be Featured on QVC

      Spencer-based Diamond K Sweets will feature their trademark product this fall on QVC. The company's Fudge O'Bits Holiday Bundle will soon be offered to QVC shoppers, which features its company's top  four selling flavors of fudge.