Trustees have approved a $1.349 billion dollar budget for Auburn University and Auburn University Montgomery for next fiscal year. The budget, which will go into effect Oct. 1 and last until Sept. 31, 2019, reflects a $78 million or 6.8 percent increase over last year’s budget. The board unanimously approved the new budget during its bi-monthly meeting at the Auburn University Hotel and Dixon Conference Center on Friday.
Much of the budget increase stems from merit raises for University faculty and staff along with a one-time salary supplement. That added $34 million to the budget. And increased costs for student aid and waivers added $13.3 million to the budget. The board also budgeted $2 million for a new mental health initiative.
Total debt service increased to $14 million.
The board approved re-allocating holdover funds from last year’s budget to cover part of that new cost, while allocating $7.5 million of next fiscal year’s budget to cover that debt service. Growing revenue, up 8.8 percent from last year, is helping to finance the growing budget. Increased enrollment, recent tuition increases and state funding increases passed in May contributed to higher revenues.
Twenty percent of the University’s revenue comes from state appropriations, and tuition comprises 45 percent of the University’s revenue. The Auburn University Board of Trustees gave final approval the first phase of a two-part project to renovate Jordan-Hare Stadium’s east suites.
The project will add new operable windows and fans to the third- and fourth-level east suites and is slated to cost $4.5 million, which would be financed by Auburn Athletics funds. The renovations are planned for after the 2018 football season and would be completed by the start of the 2019 season.
The board unanimously approved the project. The board approved initiation of the project and architect selections for the suite renovations in June, their vote Friday gave final approval to the project.
“The project will enable the Athletics Department to provide an enhanced Gameday experience for suite holders,” according to board documents.
A second phase of the project would upgrade heating, air and ventilation systems inside the suites along with interior finishes, chairs and seating.
The third- and fourth-level east side suites were last renovated in 2004.
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Chip Brownlee, senior in journalism and political science, is the editor-in-chief of The Auburn Plainsman.
