U of M regents pass $3.7B budget
The University of Minnesota's board of regents has passed a $3.7 billion dollar budget that raises tuition, freezes salaries, and cuts millions of dollars from academic programs.
The budget is based on the assumption that the U will take a nearly $71 million dollar cut in funding next year.
U of M president Robert Bruininks hopes the cuts aren't as severe when lawmakers and Governor Dayton finally agree to a budget deal at the state Capitol.
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"I'm very hopeful that we'll get some improvement in the university's budget situation."
As it stands the budget raises tuition for in-state under grads by 5 percent. Out-of-state and some professional students can expect a larger increase.
The budget also freezes salaries and raises medical premiums for employees. It will also result in layoffs and tens of millions of dollars in cuts to academic programs.
Steve Swiggum was one of two regents who voted against the budget, saying it didn't go far enough to cut costs.
This is the last budget Bruininks will offer up to the board of regents. After nine years as president, he'll step down on June 30th. Eric Kaler takes over as president on July 1st.