The University of Minnesota is gearing up for a showdown over its proposed $5.1 billion budget for the next academic year. According to a report from the University of Minnesota's website, the Board of Regents will be all ears next week, inviting public comments on the fiscal plans for 2025—both in the flesh and the digital realm. Interim President Jeff Ettinger's budget aims to juggle employee support with the climbing costs that have been bolting up across the economy.
With a barely-there bump in state funding, the University is weighing its options on how to maintain its reputation for superior research and education programs without breaking the bank. As reported by the University of Minnesota, the operating budget is seeing more than a 3% increase from last year, totaling an estimated $5 billion in expenses. The 3.3% increase in costs arising from economic pressures is predicted to be countered partially by internal reallocations which, along with revenue growth, are expected to recoup over $37 million for the University system.
One of the more wallet-pinching items in the budget is the tuition spike, which sets students at different campuses looking at increases between 1.5% to 5.5%. However, the budget doesn't plan on leaving university employees in the lurch, proposing merit-based pay rises with an average hike of about 3% for most and 4% for union workers. Meanwhile, student workers are set to see a bump in the minimum wage to $15.25 and a $20 base salary floor for Civil Service and P&A employees, as revealed in the University's statement.
The budget also earmarks $63 million for academic pursuits and student support, doling out cash for various initiatives such as enhancing computer science and engineering programs, creating fresh liberal arts curricula, and pumping up campus safety programs, including sexual misconduct prevention. While grappling with rising expenses, university administrators have been directed to find money-saving efficiencies that still make the grade in terms of impact and performance.
The public has their chance to weigh in on this financial dance at the in-person forum set for May 10. Those with a mind to speak can sign up starting at 7:30 a.m. for a three-minute shot at voicing their opinions, first-come, first-serve. For people not making the cut for a live comment, there's still the Board's Virtual Forum for dropping in their two cents. The Board also has a plate full of other topics on the menu, like health sciences planning, tenure recommendations, and workforce strategies, details of which can be scoped out on the Regents' website.
