Regents approve $2.82 billion budget

Total reflects increase of 1.7 percent

By Jay Dedrick

The University of Colorado Board of Regents voted to approve a $2.82 billion operating budget for the CU system's 2011-12 fiscal year, a 1.7 percent increase over the previous year. The vote at today's meeting in Colorado Springs was unanimous.

The budget includes a 3 percent conditional salary pool for faculty and exempt staff, and reflects tuition increases approved by the regents earlier this year.

For resident undergraduates, the cost of attendance will increase by 5.8 percent at CU-Boulder; 5.3 percent at UCCS; and 5.5 percent at CU Denver.

Institutional financial aid will increase $9.7 million to $120.2 million, an increase of $82.2 million since fiscal year 2002.

Instructional and academic support expenditures will increase $20.9 million, while state support – including the College Opportunity Fund stipend, fee for service, tobacco and American Recovery and Reinvestment Act stimulus funding – will decrease $47.9 million.

Kelly Fox, vice president and chief financial officer, said total enrollment throughout the system is projected to be 48,451, representing an increase of 0.7 percent.

With the most recent economic forecast for the state indicating stabilization and a slow recovery, Fox told the regents that state spending for higher education will remain vulnerable in the coming year.

During discussion before the vote, Regent James Geddes, R-Sedalia, asked the board to consider the long-term impact of continued tuition increases, especially on the ability of middle-class students and families to afford a college education. Regents indicated they plan to discuss the matter during their retreat next month.