The Indiana University Board of Trustees has approved a $4 billion operating budget for the 2023 academic year. The budget, which was approved at the board’s June meeting, includes a compensation increase for employees.
IU Associate Vice President for Budget and Planning Samuel Adams said IU employees will receive up to a 4% increase in compensation in fiscal year 2022-23. The university’s average compensation increase will be 3.5%.
“Maintaining a balanced operating budget supports IU’s continued fiscal health and allows us to continue investing in students, research and other strategic priorities that impact the state,” IU President Pamela Whitten said.
Despite a decrease in state appropriations for the Bloomington campus and use of its remaining stimulus funds, IU’s overall budget remains steady from last year. Overall, the university says higher education continues to feel budgetary pressures due to limited revenue growth and rising operating expenses.
To address rising operating expenses, IU has included a $70 million budget reduction and reallocation initiative in the 2023 operating budget. The university says it is eliminating vacant positions, reducing general and administration expenses, and eliminating non-value-added activities.
The budget is expected to go into effect July 1.