Lexington, KY – The University of Kentucky Board of Trustees has unanimously approved a $2.5 billion spending plan for the 2010-2011 academic year.
Passed on Tuesday, the budget raises tuition six percent and absorbs a 1.4 percent reduction in state funding in part through reduction of operational expenses, and the elimination of vacant positions. There will be no layoffs.
UK President Lee Todd laments the reduction in state funding, but says they're making the best of a bad situation. The university says faculty and staff will not receive any salary bumps, but those earning $70,000 or less will receive a one time payment of up to $1,000.