URBANA -- University of Illinois trustees Thursday approved a $5.64 billion budget for the current fiscal year. That's an increase of $11.1 million, or 0.2 percent.
University President Robert Easter said the small increase reflects part of the university's hope that it can keep student costs from rising too rapidly. A year on campus in Urbana-Champaign costs a student more than $20,000.
The new budget includes $4.5 billion for daily operations at the three campuses in Urbana-Champaign, Springfield and Chicago. The state appropriation this year is $667.5 million. Tuition provides $1.1 billion.
The budget also includes money for merit pay raises that will average 2.5 percent, which Easter called critical to hiring and holding onto key faculty.
The vote by the Board of Trustees approving the new spending plan was unanimous and made without comment.