President Capilouto sent the following message to the UK campus on Monday, June 11, 2018.
We are briefing members of our Board of Trustees about the proposed $3.9 billion operating and capital budget they will consider later this month. You can read more details here.
The budget proposal reflects our commitment to student access and success; and to excellence across our missions of teaching, research, service, and health care:
- A 2.5 percent increase in tuition and mandatory fees, the smallest change in more than 20 years; and we intend to propose for 2019-20 an increase of 2.4 percent (these represent the smallest successive increases in more than 30 years).
- A 1.5 percent across-the-board salary increase for faculty and staff, making this the sixth consecutive year of increase (UK HealthCare is considering compensation increases in line with its budget cycle, which begins in October).
- Only 2.8 percent of our budget is committed to debt service, reflecting our strong financial position and strategic stewardship of resources.
Even as many postsecondary institutions across the country struggle to adapt to difficult challenges and changing conditions, the budget we propose reflects considerable momentum on our campus. It is a testament to the hard and smart work you do every day:
- Preliminary data shows that more than 5,100 first-year students have committed to join the Fall 2019 class, among the most academically qualified classes in UK’s history.
- Currently, retention rates are approaching 85 percent, and graduation rates are nearing 65 percent—both record highs.
- Our hospital is treating more patients with more complex illnesses than ever before.
- Our research enterprise continuously is expanding as our faculty and staff earn grants focusing even more intently on the Commonwealth’s most daunting challenges.
Together, we are creating and sustaining a thriving community of belonging, of hope, and of progress.
Thank you for all you do for UK and for the Commonwealth we serve.