The University of Minnesota Board of Regents approved a $4.2 billion fiscal year 2020 operating budget for the University during a special meeting today.
The budget focuses on the five-campus system’s most critical priorities, including delivering affordable, high quality education; increasing efficiency in operations; and achieving excellence in all three areas of the University’s mission: instruction, research and outreach.
Specifically, the budget:
invests in the University’s most valuable resource – its faculty and staff – by providing a 2.25 percent salary pool for merit-based increases;
increases tuition by 2 percent or $260 per year for Twin Cities resident undergraduate students, and by 1.5 percent or $156-$182 per year for resident undergraduate students on the Crookston, Duluth, Morris and Rochester campuses. For the University’s students most in need of financial assistance, increases to the state grant program, the University’s Promise Scholarship and other funding sources largely cover these new costs.
provides much-needed base funding increases for Extension and the Duluth, Crookston and Morris campuses -- providing critical access and expertise across the state -- as well as for the Law School and the Veterinary Diagnostic Lab on the Twin Cities campus; and
includes reductions of $16.7 million in unit budgets to support all missions of the University.
The $4.2 billion budget represents a 2.8 percent increase from the previous fiscal year.
The Board previously approved the President’s recommended undergraduate nonresident/non-reciprocity tuition increase of 10 percent on the Twin Cities campus during its December meeting. The increase will hold the tuition rate of currently enrolled nonresident/non-reciprocity students to an increase of no more than 5.5 percent.
More information on the budget, as it was presented to the Board in June, can be found online.
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