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Tue June 19, 2012
UK Board Of Trustees Approves Spending Plan
LEXINGTON, Ky. - The University of Kentucky Board of Trustees approved its 2012-2013 budget Tuesday.
The $2.6 billion dollar spending plan includes $15 million dollars to service the debt or pay cash for $200 million dollars for revitalization of the campus core and $21 million dollars to go toward a 5 percent merit pool increase for faculty and staff for the fiscal year starting in 2013. The mix of cuts and new projects didn’t please everyone on the board. Trustee Sheila Brothers expressed reservations about the message sent by recent layoffs.
"I'm concerned that a major accomplishment of the recent position eliminations due to the cuts was having numbers add up on a spreadsheet, and that type of simple math is not conducive to helping us reach our goals as a university," she said.
But trustee James Stuckert responded that the cuts, however painful, are necessary.
"Insanity is the act of doing the same thing over and over and expecting a different result. We must change out direction. It isn't easy, I'll say it again. We've got to do it," Stuckert said.
Ultimately, the board agreed with Stuckert and voted to pass the budget. Tuition increases and enrollment growth will close about half of the $43 million dollar hole in UK’s budget at the start of the planning process. The rest will be managed through program cuts and workforce reductions.