By Joe Wilson —
Most tuition fees are unchanged and all University of Louisville employees will benefit. 2.5% increase in the new university budget.
The U of L board approved the operating budget for fiscal year 2023 on June 23.
Effective July 1, the operating budget will be $1,521,853,578, the largest budget in the university’s history. The latest budget is $186 million higher than last year.
Additionally, the university expects fiscal year 2023 revenue to total $1,490,267,918. With $31,585,660 in unspent funds from the previous year, the university presented a balanced budget.
The budget sets out three key priorities for the coming year: investing in students, investing in employees, and investing in university infrastructure.
For students, the university plans to create the Cardinal Commitment program to pay full tuition for many Pell-eligible students. In addition, the budget includes an increase in graduate student stipends totaling $600,000.
For university employees, the budget includes a 2.5% cost-of-living salary increase for faculty and staff and a minimum starting salary of $14.75 for full-time staff and part-time. The budget also notes that the university hopes to raise the minimum wage further to $15 an hour by early 2023.
The budget also allocates funds to improve the university’s physical infrastructure, website, and brand marketing campaign.
Writing to the board, U of L Acting President Lori Gonzalez said, “Our proposed budget is mathematically balanced. It ensures that our efforts over the past few years to develop a solid and predictable financial base continue, even in the face of the many challenges that the COVID-19 pandemic has brought to us. This budget also underscores the commitment to be responsible stewards of our funds.