Board of Trustees approves annual budgetThe Board of Trustees approved a $2.2 billion operating budget for 2014-15 at their meeting Saturday, in addition to signing off on upcoming renovations to Wallace Wade Stadium.
The budget represents 1.5 percent growth from the 2013-14 fiscal year and supports strategic investments in a number of initiatives and programs. It includes a drawdown of $56 million from existing fund balances and reserves to attend to the expected difference between annual revenue and expenditures.
The Trustees approved the 2014-15 capital budget as well, which has planned expenses of $322 million for construction projects including the Student Health and Wellness Center and renovations to the West Union and the Rubenstein Rare Book and Manuscript Library.
The budget also includes an expected 4.5 percent increase in financial aid for undergraduates—following the 3.9 percent increase in the total cost of attendance that was announced at the Trustees' February meeting.
The Trustees also approved improvements to Wallace Wade Stadium that are expected to begin after the 2014 season and will cost approximately $15 million, funded by private contributions. The playing field will be lowered and new seating will be added at the field-level.
The Board will consider further updates to the stadium at a later date, including replacing the Finch-Yeager Building with a stadium press tower and adding structures to the east side of Wallace Wade.
At Saturday's meeting, the Trustees also approved the awarding of degrees to undergraduate, graduate and professional students and heard updates from Kelly Brownell, dean of the Sanford School of Public Policy, and Dean of Undergraduate Education Steve Nowicki.