Board of Trustees Approves Budget, Tuition for 2011-2012
April 29, 2011—
At a regular meeting today, Michigan Technological University’s Board of Trustees passed a $160 million general fund budget for fiscal year 2012, which begins July 1, 2011. It includes an increase of 6.95 percent in tuition and mandatory fees. The Board previously increased room and board rates by 2.2 percent for next year.
The general fund is that component of the budget covering most general academic and administrative costs. The total University operating budget, which includes sponsored research, will be $251 million, an increase of $6 million over fiscal year 2011
The tuition increase meets the Governor’s budget proposal guideline, which lowers a recommended 22 percent decrease in appropriations for state universities to a 15 percent decrease, providing tuition and mandatory fees increases are kept under 7.1 percent.
Michigan Tech’s new budget is based on this expected 15 percent decline in State of Michigan appropriations, from $47.9 million this year to $40.7 million next year.
This year billing will be simplified by combining tuition and mandatory fees, which will go up from an average of $13,007 for the 2010-2011 academic year to an average of $13,910.50 in 2011-2012.
“Accounting for inflation, state funding has been rolled back to the level of the late 1960’s, when the university had only 60 percent of today’s enrollment and little research and graduate school activity. Despite severe state funding reductions, Michigan Tech is committed to preserving the core qualities of our educational programs and supporting our outstanding faculty and staff,” said President Glenn D. Mroz.
Commenting on the appeal of Michigan Tech to students in favorable or difficult economic times, Mroz said, “Our undergraduate students enroll because Michigan Tech offers them advantages they will not find elsewhere. They will be on a first-name basis with professors who care about their development. They will experience hands-on learning, have access to leading-edge equipment and laboratories, and enjoy small class sizes. Students seek these distinctive advantages which will make them stand out in their career pursuits. Despite the state funding cuts, our students clearly value a Michigan Tech education. And, we will stand firm in continuing to provide that unique educational experience.”
Marty Richardson, Board chair, said: “Though the decline in state support is challenging, this budget reflects a continuing focus on what is most important at Michigan Tech,” said. “Our vision is to be a world-class technological university and we have not wavered from that. Students, graduates and employers expect and deserve that.”
The budget increases financial aid for students from $26.3 million to $27.3 million. It also includes $3.8 million in spending reductions. Those for administrative units averaged 4 percent, and those for academic units averaged 2 percent.
“The message is clear,” said Steve Hicks, chair of the Board’s Finance & Audit Committee. “We have extended our commitment to increase access to students, and the funding of academics remains our top priority.”
Michigan Tech will continue to implement continuous improvement measures, positioning the University for success in a rapidly changing economic environment, Mroz also told the Board.
Included in the new budget is a pool of funds for promotional increases for faculty, specifically those who will move up in the academic ranks.
The Board re-elected Marty Richardson as its chair and Steve Hicks as vice chair for the coming fiscal year.
In other business, the Board:
- Approved and saluted the promotion of 7 full professors, 13 associate professors and 3 lecturers.
- Congratulated the 753 undergraduates and 204 graduate students who will receive degrees at the Spring Commencement on April 30, 2011.
- Granted an honorary posthumous Bachelor of Science degree in Forestry to Stephen Eagal.
- Passed a resolution of appreciation for Edward Maki for 38 years of service.
- Approved a proposal for Michigan Tech to offer a Master of Science in Geospatial Technology.
- Approved renaming the former Blizzard Snowplow building near the airport the Advanced Power Systems Research Center.
- Changed the name of the Department of Exercise Science, Health, and Physical Education to the Department of Kinesiology and Integrative Physiology.
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 120 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/2011/april/board-trustees-approves-budget-tuition-for-2011-2012.html