Media contact: Susan McKinsey, 277-1807
April 30, 2010
UNM Regents Approve FY 11 Consolidated Budget
The University of New Mexico Board of Regents has approved a $2.1 billion consolidated budget for fiscal year 2011, which begins July 1. Earlier in April, the regents approved a combined tuition and student fee increase of 7.9%, which included the 5% state tuition tax credit approved by the New Mexico Legislature.
The UNM budget includes new funding initiatives focused on strengthening its core mission – expansion for the College of Nursing, new faculty hires, expanded advising and increases in merit and need based aid. In order to balance the budget, the university also had to find funding for items like health insurance and restoring the budgets of the student ethnic centers.
Regents and university administrators agreed that balancing this year’s budget was especially difficult, given the persistent economic downtown. State instruction and general appropriations, or I&G funding, for main campus declined by more than $12.8 million from the FY 2010 I&G base. After the pass-through of the 5% state tuition tax credit and use of one-time stimulus funding, the university still had an I&G shortfall of $2.76 million. Added to this is the additional $5.3 million for the new funding requirements, bringing the total shortfall to just over $8 million.
In order to cover this shortfall and balance the budget, UNM will undertake $6 million in cost containment initiatives. The remainder of the shortfall will be covered by UNM’s portion - 3.5% - of the tuition increase.
By law, the university’s consolidated budget must be in Santa Fe by May 3.
|The University of New Mexico is the state's largest university, serving more than 32,000 students. UNM is home to the state's only schools of law, medicine, pharmacy and architecture and operates New Mexico's only academic health center. UNM is noted for comprehensive undergraduate programs and research that benefits the state and the nation.|