The UT Board of Trustees approved Monday the fiscal year 2015 budget that includes a modest tuition increase for students and invests in University employees.
The $790.8 million budget includes tuition increases of 2.39 percent for undergraduate students and 1 percent for graduate students; however, there is no increase in the general fee. Tuition is unchanged for students in the College of Law. Undergraduate scholarships were increased for tuition assistance.
The budget also includes a 2 percent salary increase for non-bargaining unit employees of the University.
“This was an inclusive, transparent process working with both the Main Campus and Health Science Campus and I appreciate the participation,” said Dave Morlock, executive vice president for finance and administration and CEO of UT Medical Center. “This budget focuses on putting student and patient needs first, above our capital maintenance needs, while securing a strong financial position for UT.”
The combined $790.8 million budget consists of a $503.5 million budget with a 1.3 percent operating margin for the academic enterprise and a $287.3 million budget for the clinical enterprise that incudes an 8.9 percent operating margin.
The budget assumes enrollment will be flat and state share of instruction dollars will increase 1.8 percent. There is a 2.39 percent increase in residence hall fees and 2 percent increase in meal plan fees.
Also at Monday’s meeting, two board members were honored as their terms will expire June 30. Susan Palmer, who was appointed to the UT Board of Trustees in 2005, and Linda Mansour, who was appointed to the board in 2009, were thanked for their service to the University.
The board also elected officers for the 2014-15 year. Joseph H. Zerbey IV will continue to serve as chair, and Sharon Speyer will remain vice chair.