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9 > Image 9 of Minutes of the University of Kentucky Board of Trustees, 2011-05-03

Part of Minutes of the University of Kentucky Board of Trustees

-9- from the lowest. Tuition has increased in the past l0 years, but other schools, for example, have increased their fees by almost double while Kentucky fees have risen 70 percent. He agreed that to keep good faculty, you must pay them competitively. He mentioned that the "Bucks for Brains legislation did not match scholarship money raised by either the University of Kentucky or the University of Louisville, although this match was made for all other upper-level Kentucky institutions. He affinned that President Todds push for scholarship funds was an important strategy that must be continued. Dr. Peek wanted to be sure that a differentiation was made between the tuition increase and salary increases for faculty and staff UK has had steady tuition increases in the past years, but no increases in salaries. He guessed that the tuition increase would have been proposed at the same level whether or not any increases in salary were proposed. He also agreed with Mr. Gatton and Mr. Stuckert that we are losing top faculty. And he felt Mr. Roberts comment that the system may be broken was excellent, there is a continuing problem that points towards changing the system. Dr. Sachatello suggested it was time to vote on the question. Dr. Brockman allowed President Todd to comment. President Todd encouraged the board to approve FCR 4 by clarifying some fine points and explaining some motivation for specifics ofthe proposal. One of President Todds major concems is that although the 3 percent raise proposed for this year is not large, he felt it is very important to offer a raise. "One of my concems is that private universities endowments are going to come back a lot faster than state budgets are going to come back. And the private university is going to be picking the state universities clean [of their best faculty]. He emphasized that he was sympathetic with the issues raised by the board, but he stressed the importance of passing FCR 4. "Weve got to pay our expenses. Weve got to keep the place moving on the train that weve got it on. Dr. Brockman asked for the board to vote and requested a show of hands. Twelve board members supported the passage of FCR 4. Ms. Brown, Mr. Dawson, Ms. May, Mr. Roberts, Dr. Sachatello, and Mr. Smith voted against it. Dr. Brockman announced that FCR 4 passed. (See FCR 4 at the end ofthe Minutes.) Mr. Gatton commented on the economics of inflation and the increase in costs of a college education. Mr. Shoop had a comment and a question about some accounting issues in the allocation of revenues and expenses. He asked for clarification that the university has a General Fund account that pays all ofthe universitys expenses, and tuition dollars do not necessarily pay for faculty and staff salaries. Ms. Martin concurred that the university is on a fund accounting system, and the General Fund receives revenue for various sources which pays all of the universitys expenses. Tuition is not designated to pay salaries. S. Proposed 20ll-l2 Room and Board Rates (FCR 5) Mr. Stuckert continued the Finance Committee report, summarizing the reasons for an increase of 9 percent in the room and board rates in UK housing the Boards previous approval