The Indiana University Board of Trustees has approved the university’s operating budget for fiscal year 2016-2017. The university says the budget calls for spending $3.4 billion on IU’s campuses throughout the state.
The budget is a 3.7 percent increase over the previous year, which is about $122 million more. It also represents the second year of an undergraduate resident student tuition freeze at IU Bloomington and includes a focus on financial aid.
The university says the budget also establishes an increased minimum wage for temporary employees of $10.15 per hour. Faculty and professional staff will also see a salary increase pool limited to 2.5 percent.
IU’s operating budget covers employee salaries and benefits, energy and utility costs and planning for strategic initiatives regarding IU’s bicentennial plan. The university says it received a $12 million increase in state appropriations, which was largely the result of strong outcomes on metrics by the Indiana Commission for Higher Education.