The Indiana University Board of Trustees has approved the school’s operating budget for the 2017-2018 fiscal year. The university says the budget calls for $3.5 billion in spending across IU’s seven Indiana campuses, a 3.4 percent increase over the previous year.
The budget includes the 1.4 percent tuition increase at IU’s Bloomington and Indianapolis campuses approved by the trustees earlier this month, as well as the 1.9 percent tuition increase at IU’s five regional campuses. The operating budget also covers employee salaries and benefits, energy and utility costs, and planning for strategic initiatives as part of IU’s bicentennial plan.
IU says the budget also includes a salary increase pool for faculty and professional staff of up to 2 percent, as well as additional increases for employees who make less than $15 per hour. It also includes a 2.9 percent increase in the cost of employee benefits and a general fund financial aid increase of 4.9 percent.