Proposed budget includes one-time payments to faculty, staff
UofL faculty and staff will receive a one-time $1,200 payment on top of their regular salaries, according to a 2010-11 budget proposal approved by the Board of Trustees Finance Committee Thursday, May 13.
UofL President James Ramsey presented the $451.2 million budget to the committee, which now will forward it on to the full Board for its June meeting. The budget represents a 3.4-percent increase over the 2009-10 budget.
“Our progress in these tough times has been the result of the hard work of our faculty and staff,” Ramsey said. “It’s important that we recognize their efforts, especially since they have gone two years without a raise. We wish we could do more. “
Ramsey told the trustees that the one-time payments and a lean budget should not result in any widespread layoffs of UofL employees. Administrators will not receive the pay supplement.
The budget includes targeted funding for five key areas of UofL’s long term strategy: Educational Excellence; Research, Scholarship and Creative Activity; Community Engagement; Diversity, Opportunity and Social Justice; and Creative and Responsible Stewardship.
The budget plan includes an additional $5 million for policy initiatives like student financial aid, the Cardinal Covenant program, health insurance cost increases and operating expenses for the Center for Predictive Medicine.
About 40 percent of the University’s general fund money comes from state appropriations and other state funds. Another 47 percent comes from tuition and fees.