The UK Board of Trustees recently approved a $4.2 billion budget for the University of Kentucky for 2019-2020. As the President wrote to the UK community last month, we are financially strong and managed well.
Our budget reflects our momentum and our steadfast commitment to the success of our people and the future our state.
Our ability to provide raises, to keep tuition increases to the lowest levels in a generation, to reduce students’ unmet financial need, and to expand efficiency and effectiveness is the result of the tireless work of so many people within the budget office and other areas in Finance and Administration, as well as in the Office of the Provost.
I’m deeply appreciative of their efforts and dedication.
We begin a new fiscal year with a budget that embodies our community’s distinctive characteristics: an unwavering commitment to service and support, as well as a fierce determination to expand what’s possible for the University of Kentucky.
Take for example, a few highlights of the budget:
- A 2 percent merit pool raise for eligible non-UK HealthCare faculty and staff. This increase is the seventh year in a row of pay raises for our employees. Salary adjustments for UK HealthCare employees may be considered later, as UK HealthCare functions on a separate salary increase cycle.
- A 2.4 percent increase in undergraduate resident tuition and mandatory fees for academic year 2019-20 (following a 2.5 percent for 2018-19). We will continue to make significant investments in scholarships and grants that do not have to be repaid, and we will enter our fourth year of implementing UK LEADS, which focuses on addressing students’ unmet financial need. The increases represent the lowest successive tuition increases over a two-year period in more than 30 years.
- A commitment to keeping increases to health plan premiums, to the extent they occur, at modest levels. You can view details about all of UK’s competitive benefits as part of open enrollment here.
- A $3 increase in monthly parking fees for intermediate tier spaces. Periphery parking rates will be held flat, providing a no-cost increase option. You can view the current distribution of parking spaces here.
Join me in thanking those who conducted excellent work throughout the budget process.
As always, our budget reflects our commitment to our people. As the University for Kentucky, we will continue to work diligently and collaboratively on behalf of those we serve.
Eric N. Monday