The University of Louisville Board of Trustees approved a balanced $1.2 billion budget for fiscal year 2021 that includes mitigation plans in the event revenues or expenses are further impacted by the COVID-19 pandemic.
The university is utilizing both centralized and unit-level mitigation strategies to ensure it can continue to deliver on its mission, said Vice President for Finance and Administration and Chief Financial Officer Dan Durbin, who led the budget presentation. To meet potential revenue or expenditure challenges during the fiscal year, each academic and support unit has set aside 5% of its annual general fund budget into a contingency account. Units also will restrict expenses to essential items only.
Undergraduate students can expect a modest 2% tuition rate increase. At the same time, UofL has equalized the cost of online courses to match in-person tuition rates, which will reduce tuition costs for many students; plus there will no longer be a different rate or surcharge for individual online classes, no matter the course load.
For faculty and staff, UofL’s FY21 budget calls for:
- Restoring salaries to pre-COVID-19 levels.
- Eliminating pay reductions implemented over the summer and restoring all salaries to pre-pandemic levels; the university will continue to allow for future pay reductions to be implemented only if the need arises.
- Eliminating university-wide furloughs while extending or instituting, on a limited basis, unit furloughs only where there is a clear need to do so.
- No increase in employee health insurance premiums.
- Modifying the university’s contribution to employees’ retirement plans from 7.5% to a 2.5% base, and maintaining its additional 2.5% match to employee contributions.
- No parking fee increases.
- Maintaining a 100% tuition reimbursement benefit for eligible employees and their dependents who enroll in classes at UofL.
UofL President Neeli Bendapudi highlighted the university’s commitment to help students, faculty and staff in the coming year.
“As we move into fiscal year 2021, my commitment remains that we will further bolster our efforts to provide student, faculty and staff assistance and do everything possible to make sure our Cardinal family is cared for in this difficult time,” Bendapudi said.
