The University Board of Visitors approved Friday a $3.07 billion budget for the University during the 2015-16 fiscal year. The budget for the coming year is 8.4 percent larger than it was for 2014-15, and it will fund the University’s Academic Division, Medical Center and the College at Wise.
The Academic Division was allocated about half of the budget — $1.52 billion — a growth of 7.8 percent from last year. Included in this allocation are student financial aid services and STEM field operations. The Medical Center’s 2016 budget rose to $1.4 billion — an increase of 9.3 percent — with the hope of both expanding and bettering care and education. The College at Wise will receive $41.3 million.
Additional spending will come in the form of greater faculty and staff compensation and endowments for the College and Graduate School of Arts and Sciences, as well as the School of Medicine.
In a press release, the University said the approved budget supports the University’s institutional priorities, as outlined by the Cornerstone Plan.
“It advances total student advising, boosts top-tier faculty hires, supports strategic research and ensures that the University remains affordable and accessible for qualified students,” according to the release. “The budget delivers support for financial aid, maintaining the University’s steadfast commitment to meet 100 percent of student’s demonstrated financial need.”
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