Regents also approve 2007-08 employee compensation increase
The University of New Mexico Board of Regents recently approved a 5.4 percent increase in tuition and fees for resident undergraduate and graduate students for FY 2007-2008. This brings the undergraduate tuition and fee total to $4, 570.80, up from $4,335.60. Tuition accounts for 3.8 percent of the increase, while 1.6 percent goes to a scheduled fee increase approved by regents in 2005.
Photo: Incoming President David J. Schmidly says "the budget will be built on helping students."
Regents also approved differential tuition increases for the School of Law and School of Architecture and Planning, as well as special summer rates for the College of Nursing.
In addition, regents approved an average five percent compensation increase for faculty and staff to be awarded on the basis of factors such as merit, market competitive salary levels and correction of inequities.
With no tuition credit coming out of this year’s legislative session, the regents are able to earmark the new monies raised from the tuition increase for initiatives proposed by incoming President David Schmidly.
“The budget will be built on helping students,” said Schmidly, who attended today’s meeting and who will take over as UNM president June 1. The funds will go to areas he says need to be strengthened:
* $450,000 to establish a division of enrollment management and expand student recruitment efforts;
* $750,000 for retention and graduation initiatives;
* $550,000 to develop and staff a division of institution diversity responsible for initiatives related to increasing and maintaining diversity and fostering equal opportunity for all faculty, staff and students;
* $200,000 for minority faculty recruitment; and
* $300,000 for institutional marketing and branding initiatives.
The university budget, which the regents will vote on at their regular May meeting, will also feature a proposal to use $500,000 of interest earnings from the Regents’ Endowment to create a new National Merit Scholarship program and provide additional need-based student aid.
Posted by scarr at April 10, 2007 04:44 PM