The cost for University of Toledo undergraduate students will jump 2.39 percent next year as part of the university budget approved Monday.
The university’s board of trustees approved the budget unanimously with no debate. Under the budget presented by Dave Morlock, executive vice president of finance and administration, total spending for academic and hospital operations is projected at about $759 million for fiscal year 2015, up from a budgeted $750 million this fiscal year.
Academic operations are projected to generate about $7 million more in revenue than what was expected in fiscal year 2014’s proposed budget. Mr. Morlock projected a slight increase in state funding, which combined with the undergraduate tuition increase and smaller graduate tuition increases, which vary by department, should improve academic revenues.
For students, general fees would remain unchanged, so the annual cost for in-state undergraduate students would increase from $9,054 to $9,242. Along with university fees, the increase amounts to a 2.39 percent increase. Tuition and general fees at Bowling Green State University will be frozen next year.
UT, for now, projects enrollment to be flat next school year. Enrollment dropped about 3.3 percent from the fall 2012 semester to fall semester 2013. That followed a drop of 5 percent from fall 2011 to fall 2012.
Projected in the budget is a 2 percent salary hike for employees as the university is negotiating contracts with three of four employee unions.
The board also voted to keep Joseph H. Zerbey IV as its chairman and Sharon Speyer as vice chairman. Mr. Zerbey is The Blade’s president and general manager, while Ms. Speyer is the northwest Ohio regional president for Huntington Bank.
The terms for board members Linda Mansour and Susan Palmer expire this month, so Monday was their last board meeting.