2008 Woodie Awards
Vote Absentee
$700m budget boosts U. spending
Ross Frazier
Issue date: 2/26/07 Section: Campus News
The Corporation approved a $704.8 million University budget for next year during its general business meeting Saturday, raising tuition and fees by 5 percent to bring total undergraduate costs to $45,948 next year. Faculty salaries will increase by 5 percent, and graduate student stipends will rise to $18,500.
The $120 million budget for the Division of Biology and Medicine, which was increased 14.5 percent last year, was only raised by 4.4 percent for next year. The University's general budget, which funds the College and Graduate School, will total $508 million next year - a 7 percent increase.
Brown's budget next year calls for a $9.3 million deficit, which it will make up using some of its $50 million in reserves, which were authorized by the Corporation in 2004. By next year, it will have used half of those reserves. University officials have said the need for reserves is to be expected with the heavy spending called for by the Plan for Academic Enrichment.
"It is clear that the University's aspirations will continue to require the investment of reserves and balances for the next five to seven years," read the University Resources Committee's annual report, released last week.
One of the University's largest expenditures is financial aid, on which it will spend $56.9 million next year - an 8 percent increase. Financial aid for international students will increase nearly 40 percent to $4.4 million over the next four years.
Corporation members also discussed a two-year $190 million budget that would allow the University to begin work on planned facilities projects such as a fitness center, the Walk, the Creative Arts Building and a new cognitive and linguistic sciences building, among others.
The University is also spending heavily to attract new faculty. Seventy-five searches for new faculty are currently under way. Although most will compensate for normal attrition, the number of full-time professors is expected to increase by between 15 and 25 in the next year, bringing the total near 680.
The $120 million budget for the Division of Biology and Medicine, which was increased 14.5 percent last year, was only raised by 4.4 percent for next year. The University's general budget, which funds the College and Graduate School, will total $508 million next year - a 7 percent increase.
Brown's budget next year calls for a $9.3 million deficit, which it will make up using some of its $50 million in reserves, which were authorized by the Corporation in 2004. By next year, it will have used half of those reserves. University officials have said the need for reserves is to be expected with the heavy spending called for by the Plan for Academic Enrichment.
"It is clear that the University's aspirations will continue to require the investment of reserves and balances for the next five to seven years," read the University Resources Committee's annual report, released last week.
One of the University's largest expenditures is financial aid, on which it will spend $56.9 million next year - an 8 percent increase. Financial aid for international students will increase nearly 40 percent to $4.4 million over the next four years.
Corporation members also discussed a two-year $190 million budget that would allow the University to begin work on planned facilities projects such as a fitness center, the Walk, the Creative Arts Building and a new cognitive and linguistic sciences building, among others.
The University is also spending heavily to attract new faculty. Seventy-five searches for new faculty are currently under way. Although most will compensate for normal attrition, the number of full-time professors is expected to increase by between 15 and 25 in the next year, bringing the total near 680.