By Brenna Angel
LEXINGTON, Ky. -- – The University of Kentucky Board Of Trustees has approved a six percent tuition increase for the next school year. That matches the maximum increase allowed this year by the Council on Postsecondary Education.
Although lawmakers have yet to finalize a state budget, both the House and Senate versions included a 1.4 percent reduction in appropriations to colleges and universities. For the University of Kentucky, that equates to $4.4 million.
UK President Lee Todd says running the university at current levels will cost $13 million dollars more next year due to increases in fixed costs such as healthcare and benefits for employees and retirees.
Even with the tuition hike, Todd says the university will still have an estimated $7.5 million shortfall. Todd and board members will continue to craft UK's budget leading up to the next meeting on June 8.