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.

November
 
 
 
 
 
 
1
Free Saturday Swing Dance Lessons
College of Pharmacy Open House
Iron Pour
UK Women's Choir 20th Anniversary Concert
Adventure Hiking & Rappelling @ Red River Gorge
Pickin' Time Mountain Music and Harvest Day
Purposeful Retirement: Planning Your Next Stage of Life
Diwali Dhoom 2014
Sat
2
UK Percussion Ensemble
Day Hike
Curator Tour: Take My Word For It
Sun
3
Industry Career Week: Resumes and Cover Letters
Kentucky Volleyball vs. Morehead State
Mon
4
Industry Career Week: How to Impress Your Boss in 90 Days
Rock Star Professionalism Series
UK Lab Band
Tue
5
Industry Career Week: Networking and Job Search
Social Enterprise and Innovation / Certified Nonprofit Professional Program Informational Meeting
Circle of Love Name Distribution
Appalachian Forum with Dr. Fran Ansley
Dana Harper Gallery Reception
Wed
6
Career Assessment Workshop
LNFS Presents: Zona Sur
LNFS Presents: The Grand Budapest Hotel
UK Jazz Ensemble
Circle of Love Name Distribution
Abstract Workshop
Lauren Potter
Thu
7
LNFS Presents: V for Vendetta
Last Day to Withdraw or Reduce Course Load
Circle of Love Name Distribution
R.C. May Photography Lecture Series: Marvin Heiferman
Men's Soccer vs. Charlotte
Kentucky Volleyball vs. Georgia
Free Friday Evening Swing Dance
Fri
8
Kentucky Football vs. Georgia
Free Saturday Swing Dance Lessons
The Power of Poetry
The Lexington Lowdown and Free Lindy Hop Workshop
Swing Dance Featuring Live music by"The Metrognomes Orchestra"
Sat
9
UK Combos Concert
Kentucky Volleyball vs. Missouri
Sun
10
Circle of Love Name Distribution
Mon
11
UK Sax Ensembles
Job Club - Interviewing Strategies
Undergraduate Research Information Session
Jose Abisambra Presentation on Current Alzheimer's Research
Women of the World: Judy Smith
Tue
12
Internship Info Session
LNFS Presents: Reservoir Dogs
Refugee Life in America
#UKEDTALKS: International Opportunities for Education Majors
Leadership Assessment
Wed
13
Career Assessment Workshop
LNFS Presents: Iron Man 3
Chili and Pie Cook-Off Supper
#TrendingTopics: Vegetarians vs. Meat-Eaters
Campus Polar Plunge to benefit Special Olympics KY
LNFS Presents: La Demora
Thu
14
LNFS Presents: Pretty in Pink
LNFS Presents: Mean Girls
Fri
15
Free Saturday Swing Dance Lessons
Sat
16
Kentucky Volleyball vs. Florida
Greek Cinematography: Critical Approach and Discussion
"Storied Streets" Documentary Showing about Experiences of Homelessness
Sun
17
The Vexillology (the study of maps) Contest
UK Rep Bands Concert
College of Agriculture, Food & Environment 2014 Celebration of Land-Grant Research
Amanda Rogers, "Black Flags, ISIS 'Swag' & Jihadi Rap: Marketing Militancy after the Arab Spring"
Stories of Homelessness: Panel Discussion
Mon
18
The Vexillology (the study of maps) Contest
A Positive Approach to Caregiving Conference
Education Abroad Open House
CatWatch Party
Appalachian Forum and Film Screening of "Up the Ridge"
Tue
19
The Vexillology (the study of maps) Contest
LNFS Presents: The Princess and the Frog
Pinterest Party
International Games Day
Global Design with Phil Duncan
Caregiver Support Group
OXFAM Social Issues Banquet
Wed
20
The Vexillology (the study of maps) Contest
Much Ado About Nothing
LNFS Presents: I Travel Because I Have To, I Come Back Because I Love You
LNFS Presents: The Big Lebowski
International Education Week Keynote Speaker: Christie Vilsack, Senior Advisor for International Education at USAID
Tobacco-free Tailgate 5 Year Anniversary
Bollywood Night
Thu
21
The Vexillology (the study of maps) Contest
Much Ado About Nothing
LNFS Presents: Water For Elephants
4th Annual Markesbery Symposium on Aging & Dementia
Freedom from Fear: On Black Childhood and Other Dangers
Bouldering @ Stone Fort
MEAT.
Fri
22
The Vexillology (the study of maps) Contest
Much Ado About Nothing
Bouldering @ Stone Fort
Free Saturday Swing Dance Lessons
Sat
23
The Vexillology (the study of maps) Contest
Much Ado About Nothing
Bouldering @ Stone Fort
UK Symphony Band and UK Concert Band
Sun
24
The Vexillology (the study of maps) Contest
Free Thanksgiving Shuttle to Blue Grass Airport
Mon
25
Free Thanksgiving Shuttle to Blue Grass Airport
Job Club - What is your money habitude?
Multicultural Student Thanksgiving Dinner
Tue
26
Thanksgiving - Academic Holidays
Free Thanksgiving Shuttle to Blue Grass Airport
Wed
27
Thanksgiving - Academic Holidays
Thu
28
Thanksgiving - Academic Holidays
Fri
29
Thanksgiving - Academic Holidays
Free Saturday Swing Dance Lessons
Kentucky Volleyball vs. Arkansas
Sat
30
 
Sun
 
 
 
 
 
 
Reset Page