Michigan Tech Sets Budget and Tuition
July 16, 2009—
At its regular meeting in Houghton today, Michigan Technological University’s Board of Trustees approved a general fund operating budget of nearly $155 million for fiscal year 2010, which began July 1.
The budget included tuition and room and board rates for the coming academic year.
• Undergraduate Michigan resident freshman tuition and fees will increase 5.45 percent or $19 per credit hour, to $11,347 per year.
• Undergraduate room and board will increase an average of 4.8 percent or $383 per year (based on shared living space and the most commonly chosen meal plan).
• Undergraduate tuition for out-of-state students will increase 5 percent or $36 per credit hour.
• Graduate tuition will increase 5 percent or $28 per credit hour.
The budget is based on revenues that include a 3 percent cut in state funding, totaling $1.5 million. Anticipated federal stimulus funds of $1.2 million will help to offset that reduction, but the stimulus funds are one-time revenue while the cut will be a permanent reduction in Michigan Tech’s state funding base, Michigan Tech President Glenn D. Mroz told the Board. Mroz also explained that the budget features cost containment initiatives and budget reallocations, continuing a process begun in 2004.
To assist students who qualify for financial aid with the increased tuition, the budget includes $2 million of new financial aid in the form of scholarships, an 8 percent increase. Michigan Tech awarded $34 million in financial aid this year, a total of 35 percent of tuition.
The new budget also includes a 1.75 percent pool for across-the-board salary increases for all eligible employees.
“While we are certainly in challenging economic times, this budget extends our promise to our students to deliver the quality education they seek and deserve,” said Mroz. “At the same time, it reflects our concern for the financial realities facing our students, and our efforts to manage Michigan Tech’s business prudently in a challenging environment. We are enhancing quality while maintaining affordability and containing costs.”
Board of Trustees Chair Russell Gronevelt commended Mroz and his team for “navigating Michigan Tech through turbulent economic waters. The Board members have affirmed their support of the University’s strategic direction by approving this budget,” he said, “and they are wholeheartedly committed to keeping the University positioned for continued growth and success.”
Gronevelt also noted that,“The tuition increase reflects the rising cost of providing a world-class technological education, which is what our students come for. I am pleased that we have provided additional scholarship assistance to lessen the impact of the increase.”
Mroz responded: “I am grateful to the Board of Trustees for their support of the Strategic Plan and the specific elements of the budget.”
The Board also approved an update to the University’s Strategic Plan. The new version affirms the University’s direction and vision, established when the Strategic Plan was first adopted in 2006, and refines priority actions for the next several years.
In other action, the Board
• Gave final approval to a new PhD degree program in Applied Cognitive Science and Human Factors and new Bachelor of Science degrees in business specialties including Accounting, Finance, Management, Management Information Systems, Marketing and Operations and Systems Management.
• Appointed Adrienne R. Minerick as an associate professor with tenure in the Department of Chemical Engineering. Minerick comes to Michigan Tech from Mississippi State University, where she was an assistant professor of chemical engineering and biomedical engineering. She earned her Bachelor of Science in Chemical Engineering from Michigan Tech and her Master of Science and PhD in Chemical Engineering from the University of Notre Dame.
• Revised the University’s equal opportunity policy to add the phrase “gender identity.” The addition recognizes the concerns of the gay, lesbian, bisexual and transgender community on campus. It does not affect employment benefits.
• Reappointed David Brule, Kathryn Clark and Russell Gronevelt to the Michigan Tech Fund Board of Directors.
• Approved extending the Leading Scholar program to out-of-state students. The Leading Scholar program is the most competitive scholarship that Michigan Tech offers. Its goal is to attract academically outstanding students.
Michigan Technological University (www.mtu.edu) is a leading public research university developing new technologies and preparing students to create the future for a prosperous and sustainable world. Michigan Tech offers more than 130 undergraduate and graduate degree programs in engineering; forest resources; computing; technology; business; economics; natural, physical and environmental sciences; arts; humanities; and social sciences.Original URL: http://www.mtu.edu/news/stories/2009/july/michigan-tech-sets-budget-tuition.html