University of Illinois Board of Trustees approve new budget

URBANA - The University of Illinois' Board of Trustees have approved a $5.64 billion budget for the current fiscal year.

The vote taken by the Board of Trustees to approve the new spending plan was unanimous and made without comment.  The new budget saw an increase of $11.1 million, or about .2 percent.

According to University President Robert Easter, the small increase in the budget reflects the university's hope that it can keep student costs from rising too rapidly.  One year on the Urbana-Champaign campus costs a student more than $20,000.

The new budget includes $4.5 billion for daily operations at all three University of Illinois campuses, and also includes money for merit pay raises that will average 2.5 percent.  Easter called that money critical to hiring and holding onto key faculty.

State appropriation for this year is estimated to be $667.5 million.  Tuition will provide $1.1 billion.

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