The Board of Regents at the University of New Mexico has approved a series of new budget priorities to the Fiscal Year 2005-2006 budget that are intended to address priorities discussed during the President’s Budget Summit in April. They are scheduled to approve the UNM budget at their June meeting.
Student Priorities
The adjustments include $500,000 for Freshman Learning Experiences. That is an increase of $200,000 from the current allocation, and will go to expand course programs directed toward involving freshmen in small group activities. The purpose of the Freshman Learning Experiences program is to increase the number of freshmen who return to the university as sophomores.
The priorities allocate $550,000 for new faculty positions meant to decrease class size, and offer more sections of classes that are in great demand by students. Another $400,000 will go to supplemental instruction and advising. The amount of money available for merit based scholarships will be increased by $300,000. There will also be an increase of $100,000 for need-based aid for students, and an additional $100,000 set aside to increase the number of graduate assistants.
Administration/Faculty/Staff Priorities
In addition, these budget priorities set aside $125,000 for Commencement, and Freshman Family Day, and $175,000 for faculty promotions. There is a one time allocation of $675,000 to repair and renovate buildings, and $400,000 to increase the employer percentage of health benefit payments for staff members making less than $35,000. The regents also decided to set aside $165,000 to increase the salaries of the lowest paid employees to $8. an hour.
These budget priorities will be paid for by taking extra reserve funds from departments, and giving university departments less than the full I&G, research and public service allocations. The UNM Foundation will also contribute $300,000 to the budget adjustment line items.
The changes are scheduled to go into place on July 1st at the beginning of the fiscal year.
Contact: Karen Wentworth, (505) 277-5627