2024-05-10
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University of Minnesota Addresses Inflation with Strategic Cuts and Investments
Balancing the Budget: How the U of M is Prioritizing Spending pen_spark
University of Minnesota Addresses Inflation with Strategic Cuts and Investments
The University of Minnesota's proposed budget for 2024 aims to address the high costs of higher education, particularly in light of enrollment declines. The Common Fund Institute's Higher Education Price Index forecasts an overall inflation rate of 3% for colleges' costs, down from last year's 5.2% rate. The university's revenue and expenses have grown by roughly half a billion dollars since last year. The proposed budget includes additional funds for student scholarships, faculty and support services for its growing computer science and engineering program, new resources for its liberal arts curriculum, and strengthening campus training in areas such as sexual misconduct. The budget also includes $17.5 million in budget cuts and operational changes. To save money, the budget plans for cuts to faculty and staff positions, replacing departing employees at lower salary levels, and cutting operating expenses. Tuition price hikes are also offsetting cost increases. The Board of Regents is inviting public comment on the budget and holding a public meeting to discuss its recommendations.
