The University of New Mexico Board of Regents approved faculty and staff compensation increases for 2006-2007 as well as the tuition/fee increases for students at its April 11 board meeting.
· Faculty and Staff Compensation – an average 4.25 percent pool of funds from the state will be allocated to administrative and academic units to be awarded to individual faculty and staff. Increases may be based on factors like merit, competitive salary levels and correction of inequities.
· Graduate Assistants – an average 4.25 percent pool of funds will be allocated to academic units for graduate assistant salaries.
· Tuition and Fees – a 6.11 percent tuition and fee increase for undergraduates and most graduate programs covers the legislative-approved tuition credit and previously-approved student fees. It also funds faculty promotions, graduate student insurance and half of the increase in health insurance premiums for faculty and staff. The other half of this increase is being funded from the compensation allotment.
· Discounted Summer School Tuition – a 15% discount (from the newly adopted rates) in summer school tuition is designed to attract more students to summer school courses. From now on, it will always be 15% cheaper to take a course in the summer compared to any other term in that fiscal year.
As part of the approved funding package, it was determined that risk management premiums and utility inflation costs would be covered by central administration balances. In addition, $750,000 for library journals would be funded from equipment funds and the Provost, while $300,000 for minority faculty hires would come from the regents’ endowment as seed money.
Media Contact: Susan McKinsey, (505) 277-1989; e-mail: mckinsey@unm.edu