KALAMAZOO, Mich.—Meeting June 3, the Western Michigan University Board of Trustees approved an estimated general fund operating budget of $388 million for the 2015-16 fiscal year that is set to begin July 1.
The newly approved and balanced budget includes a 2.64 percent increase of $10 million in both total revenue and expenses, as compared with last year's budget.
Major revenue ingredients to the WMU budget include $104.15 million in anticipated state appropriations for base funding from the state. That amount is up more than $1.4 million—or 1.4 percent—compared to last year's support from the state. The top revenue element in the new budget is $274 million in expected tuition and fee income from students both on and off campus. The tuition revenue includes a 3.2 percent increase in tuition and required fees, which was also approved by trustees June 3. That increase will result in an $8.4 million increase in tuition and fee revenue.
Major expense changes in the new estimated budget include increases in compensation levels for University employees in 2015-16. The increases range from 2 to 3 percent. In addition to the $6.3 million in new compensation costs to cover those increases, the budget also includes a nearly $1.8 million compensation system adjustment that is the result of a market-based Staff Compensation Project completed in May. The study of WMU compensation levels—the first in six years—resulted in pay increases for 355 people.
Also part of the budget is a 3 percent increase in utility costs and increases for operations and maintenance of the University's physical plant.
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Other news from the June 3 Board of Trustees meeting
Trustees vote to keep WMU within the state tuition cap | June 3, 2015
WMU trustees approve faculty tenure and promotions | June 3, 2015