University’s board approves 12 percent budget increase |

University’s board approves 12 percent budget increase

FORT COLLINS – To help fund a general and education budget increase of $39 million, or 12 percent, at its main campus, Colorado State University is increasing tuition and credit charges for in-state students by $287 per semester.That means students will pay $4,040 per year for the 2007-2008 school year.Faculty and staff will get 5 percent increases, and 45 new teachers will be hired, the university’s Board of Governments decided Wednesday.”The 2008 budget will allow us to cover mandated costs and provide a 5 percent salary increase. While it does not allow the university to move forward as quickly as the Board had hoped with the new stretch goals, this is the healthiest budget CSU has had in 15 years,” said Larry Edward Penley, chancellor of the Colorado State University System and president of the main campus in Fort Collins.Penley said the new budget will allow the university to increase financial aid for undergraduate students and “significantly enhance the overall quality of the institution.”The education and general budget is $367.3 million for Colorado State’s campus in Fort Collins.The board also authorized the sale of a $175 million bond issue for capital construction and improvement projects largely on the Fort Collins campus.The budget for the entire CSU system, including campuses in Fort Collins, Pueblo, Denver and CSU agricultural and forestry extension offices, is $800 million.Earlier this year, Penley lashed out at Gov. Bill Ritter and other state officials, saying that CSU is getting less than its fair share of state funding. He complained that CU’s overall spending authority is three times larger than CSU’s but its enrollment is only 1.7 times greater.Penley’s criticism followed the defeat in the Legislature of a proposed tuition increase for CSU. He was more conciliatory after a meeting with Ritter.”We at CSU are not going to sit around and feel sorry for ourselves because of the funding situation,” Penley said Wednesday. “This is an excellent university that attracts highly qualified students and leads the world in research areas ranging from tuberculosis and infectious disease to cancer and alternative energy.”

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