The University of Toledo Board of Trustees discussed Monday a draft budget for fiscal year 2012 that addresses a $20.5 million reduction in operating dollars from the state.
The board also authorized Chairman C. William Fall to enter into negotiations to extend the contract of UT President Lloyd Jacobs until June 30, 2016, and approved Dr. William McMillen to serve as provost and executive vice president for academic affairs.
When the University began the budgeting process earlier in the year, a $20 to $40 million reduction in state support was anticipated. The most recent state budget includes a $20.5 million reduction in operating dollars, which combined with increased operating expenses created a $32.4 million budget challenge. The University also received a $15 million reduction in state capital dollars.
The recommended budget includes a 3.5 percent undergraduate tuition increase. Tuition and fees for graduate and professional programs could increase 5 to 6.5 percent, depending on the program.
A new Faculty Workload Policy approved by the board on Monday also will help address the budget constraints, University leaders said.
The resolution raises the standard teaching load to 27 credit hours per nine-month year, which will be effective August 2013, and also authorizes the president to raise the standards for granting research and service assignments to offset those hours.
Jacobs thanked everyone who worked to formulate the budget and commended their solutions to balance a budget with such a magnitude of challenges.
The Board of Trustees will consider the $800.5 million budget at its June 20 meeting.
The unanimous vote by the board asked Fall to negotiate an agreement that would keep Jacobs at UT through June 30, 2016. The president’s current contract expires in November 2013.
“President Jacobs has demonstrated himself to be an outstanding leader,” Fall said, “and when we, as a board, looked at his accomplishments in academic and student affairs, in finance, in clinical affairs and in outreach to the community, we all felt his continued leadership will be critical to the University’s future success.”
McMillen, who has served as provost on an interim basis, had planned to retire, but agreed to delay his retirement and accept the position, which Jacobs publicly thanked him for doing.
The Board of Trustees also heard reports on graduate education at the University, an update on the Higher Learning Commission accreditation process, and updating the core curriculum.