Eli Capilouto

Our Budget, Our Principles and Our Progress

Published: May 12, 2014

Last week, the University of Kentucky Board of Trustees approved several measures related to our 2014-15 operating and capital budget. We have three principles guiding every decision we make:

  • Propose moderate tuition and fee increases to ensure affordability.
  • Continue consistent faculty and staff pay raises.
  • Ensure no across-the-board cuts and minimize any impact on our academic core.

The Council on Postsecondary Education, which has the statutory authority to set tuition rates at the public institutions, recently established a ceiling on tuition increases over the next two years totaling no more than eight percent.

 

In alignment with that, at their meeting last week, the Board of Trustees approved a five percent increase in tuition for Fall 2014. This means another year of modest tuition increases. Over the last four years, the average increase has been five percent. In the years before that, the average was in double-digits.

 

As part of the budget proposal, we also included a measure to increase University-funded financial aid and scholarships by more than $11 million. This academic year 85.5 percent of undergraduates at UK from Kentucky received financial aid that did not have to be repaid. And for  those students, the average out-of-pocket expense for tuition and mandatory fees was $1,079 per semester ― nearly $150 less than the year before.

 

While no numbers can diminish the fact that families are bearing more of the cost burden for higher education in the wake of declining state support, we can be proud that this university is keeping the needs of Kentuckians first.

 

In June, as part of the 2014-15 budget, the Board of Trustees will consider a two percent merit increase pool for faculty and staff to build on the five percent pool we implemented this fiscal year. We will continue investing in our most valuable resource ― our people.

 

Finally, the state budget, which will be enacted in July, cuts our annual appropriation by nearly $4.3 million. Our state appropriations have now been reduced by about $55 million since 2008. With state funding cuts, our plan to raise compensation, and having to manage increases in fixed costs such as utilities and financial aid, we face nearly $40 million in additional funding needs for the coming year.

 

We will respond to this challenge by trimming dollars from pools of funds set aside for such things as debt service on new construction and other facility initiatives (and do so without compromising ongoing projects). And we also will internally reallocate $7 million made possible through efficiencies, the creation of new revenues, and realignment of the budget.

 

Our continued progress is a testament to you ― your talent, your commitment and your willingness to make tough decisions.

 

That said, we cannot cut our way to a brighter future. It may be seductive to think so, but it is illusory to believe it.

 

In the last three years alone, with our board's leadership, we have started ― or been authorized to begin ― nearly $1 billion in construction of new facilities and renovation of existing buildings that are transforming our campus. Of that, the state has been responsible for $35 million.

 

UK has generated the rest through public-partnerships, a unique collaboration with our athletics department to fund academic space, fund-raising, and greater efficiencies in our operations and administration.

 

The University is, without question, doing its part. We will continue to urge the state to re-invest in this institution, which is so vital to Kentucky's future.

 

In the meantime, please know how deeply I appreciate the work you do, and the commitment you have, to this special place.

September
 
 
1
Last Day to Add a Class
Last Day to Receive 80% Refund
Suicide Prevention: Raising Awareness & Sharing Our Stories
Welcome Coffee
Game Show
Tue
2
Wildcat Wellness Meditation
Wed
3
The Late Night Film Series Presents - Rosemary's Baby
The Late Night Film Series Presents - Pitch Perfect 2
Adjusting to College
Adjusting to College
Kickoff Football Season Grill Out
Thu
4
The Late Night Film Series Presents - Akira
The Late Night Film Series Presents - Whiplash
To Live in the Borderlands: A Household Perspective on Frontier Politics from the Middle Jequetepeque Valley, Peru
Fri
5
Go Swing Dancing!
Sat
6
 
Sun
7
Labor Day
Mon
8
Wildcat Wellness Relaxation
The Late Night Film Series Presents - Ivory Tower
Tue
9
Wildcat Wellness Meditation
Wed
10
The Late Night Film Series Presents - Selena
The Late Night Film Series Presents - Jurassic World
Adjusting to College
Terrace Time Out
Thu
11
The Late Night Film Series Presents - The Great Beauty
The Late Night Film Series Presents - Predator
Friday Swing Dance Lessons - Free!
Friday Swing Dance Lessons - Free!
Accounting Internship & Career Fair
Fri
12
Bottoms Up: A Sculpture Survey
Nina Katchadourian: Collection Interventions
Wayne Koestenbaum: Unfamiliar Grammar
Sculptors On Paper
Swing Dance Lessons - Free
Sat
13
Bottoms Up: A Sculpture Survey
Nina Katchadourian: Collection Interventions
Sun
14
Bottoms Up: A Sculpture Survey
Nina Katchadourian: Collection Interventions
Kentucky Law Schools Forum
Outdoor Installation
Wildcat Wellness Expressions - Superhero
Mon
15
Bottoms Up: A Sculpture Survey
Nina Katchadourian: Collection Interventions
Outdoor Installation
Wildcat Wellness Relaxation
Women's Forum Board Meeting
Southern Sirens Concert
Tue
16
Bottoms Up: A Sculpture Survey
Nina Katchadourian: Collection Interventions
Outdoor Installation
Wildcat Wellness Meditation
Last Day to Drop a Course Without Appearing on Transcript
Wed
17
Bottoms Up: A Sculpture Survey
Nina Katchadourian: Collection Interventions
Outdoor Installation
Adjusting to College
Thu
18
Bottoms Up: A Sculpture Survey
Nina Katchadourian: Collection Interventions
Outdoor Installation
The Late Night Film Series Presents - Dark Girls
The Late Night Film Series Presents - The Pokémon Movie
LexPhil Pre-Concert Buffet
Curator Tour with Stuart Horodner
Fri
19
Bottoms Up: A Sculpture Survey
Nina Katchadourian: Collection Interventions
Swing Dance Lessons - Free
Sat
20
Bottoms Up: A Sculpture Survey
Nina Katchadourian: Collection Interventions
LexHop
Sun
21
Bottoms Up: A Sculpture Survey
Nina Katchadourian: Collection Interventions
Wildcat Wellness Expressions - Finger Painting
Mon
22
Bottoms Up: A Sculpture Survey
Nina Katchadourian: Collection Interventions
Wildcat Wellness Relaxation
Tue
23
Bottoms Up: A Sculpture Survey
Nina Katchadourian: Collection Interventions
Wildcat Wellness Meditation
Last Day to Receive 50% Refund
Thank-A-Donor Day
2 Day Business Internship & Career Fair
Pinterest Party I
Wed
24
Bottoms Up: A Sculpture Survey
Nina Katchadourian: Collection Interventions
2 Day Business Internship & Career Fair
Wildcat Wellness - Yoga for Relaxation
Wildcat Wellness - Yoga for Relaxation
Wildcat Wellness - Yoga for Relaxation
Wildcat Wellness - Yoga for Relaxation
Wildcat Wellness - Yoga for Relaxation
The Late Night Film Series Presents - Wild Tales
The Late Night Film Series Presents - Mad Max: Fury Road
Adjusting to College
Thu
25
Bottoms Up: A Sculpture Survey
Nina Katchadourian: Collection Interventions
Wayne Koestenbaum: Unfamiliar Grammar
The Late Night Film Series Presents - All.I.Can
The Late Night Film Series Presents - Nightcrawler
Fri
26
Bottoms Up: A Sculpture Survey
Nina Katchadourian: Collection Interventions
Paint the Town Blue/Banner Competition
Wayne Koestenbaum: Unfamiliar Grammar
Swing Dance Lessons - Free
Swing Dance Lessons - Free
Arts Writing Workshop
Sat
27
Bottoms Up: A Sculpture Survey
Nina Katchadourian: Collection Interventions
Paint the Town Blue/Banner Competition
Wayne Koestenbaum: Unfamiliar Grammar
Sun
28
Bottoms Up: A Sculpture Survey
Nina Katchadourian: Collection Interventions
Paint the Town Blue/Banner Competition
Wayne Koestenbaum: Unfamiliar Grammar
Wayne Koestenbaum: Unfamiliar Grammar
Wildcat Wellness Expressions - Mandala
Mon
29
Bottoms Up: A Sculpture Survey
Nina Katchadourian: Collection Interventions
Wildcat Wellness Relaxation
Wildcat Wellness Relaxation
Wayne Koestenbaum: Unfamiliar Grammar
Kitty Karnival
Tue
30
Bottoms Up: A Sculpture Survey
Nina Katchadourian: Collection Interventions
Wildcat Wellness Meditation
Wildcat Wellness Meditation
Wayne Koestenbaum: Unfamiliar Grammar
Wayne Koestenbaum: Unfamiliar Grammar
Wayne Koestenbaum: Unfamiliar Grammar
Wayne Koestenbaum: Unfamiliar Grammar
Wayne Koestenbaum: Unfamiliar Grammar
Wayne Koestenbaum: Unfamiliar Grammar
Wayne Koestenbaum: Unfamiliar Grammar
Wayne Koestenbaum: Unfamiliar Grammar
Wayne Koestenbaum: Unfamiliar Grammar
Wayne Koestenbaum: Unfamiliar Grammar
Wayne Koestenbaum: Unfamiliar Grammar
Wayne Koestenbaum: Unfamiliar Grammar
Wed
 
 
 

Thu, 09/03/2015

Repeats every week until Fri Sep 11 2015 .
Fri, 09/04/2015

Reset Page