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Part of Minutes of the University of Kentucky Board of Trustees

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Office of the President April 6, 1965 Members, Board of Trustees: REPORT ON PREPARATION OF 1965-66 BUDGET Later this month the proposed budget for the 1965-66 fiscal year will be submitted and recommended for your consideration and adoption at the regular meeting of the Board of Trustees on May 4. As you may recall, the Executive Budget for the Commonwealth carried an expenditure level of $38. 9 million for the University in the current fiscal year and in the second year of the biennium, or fiscal '65-66, a level of $43. 67 million. The expenditure base in this current year represents a $6. 23 million level above the 1963-64 budget and the proposed budget for the 1965-66 year will be slightly under a $4. 0 million increase over this veare The proposed '65-66 budget has been in preparation for many weeks and now nears the final stages. The process has, of course, included enrollment projections for depart- ments and colleges, analyses of program needs and staff patterns, and comparative studies of similar institutions. Since a budget should be a financial expression of the educational program, priorities have been established for the allocations of funds according to the most urgent academic needs. Provision for new faculty positions tops the list in order to accommodate an in- creased enrollment and to strengthen certain programs. Keeping pace with surrounding state universities requires a high priority for faculty salary increments to retain quali- fied teachers and researchers. As for this current year, the salary increments will be based upon merit and upon promotion in rank.. The summer faculty stipends for re- search will be continued and a similar provision, as recommended to you a few minutes ago, will be made for the purpose of improving teaching, Also in the priorities is an increase in the number of graduate assistantships, many of which will be filled in teach- ing and laboratory responsibilities, and which should substantially enhance our graduate programs. Other priority items include acquisitions for libraries and merit increments for classified personnel. The proposed budget will be submitted to you in a slightly revised format. The initial document for action on May 4 will portray and seek a general expenditure authorization in dollar values exhibited by the three expenditure objects of personal services, cur. rent expense, and equipment and replacement for each department, division, and major unit of the University. While the preparation of the '65-66 budget has been in progress, work has also been underway on the development of the budgetary request for the ensuring biennium of 1966-68. This document is to be completed in October.