The $451.2 million budget represents a 3.4 percent increase over the current year and includes a 1.4 percent cut in state funding. It also includes a $1,200 one-time payment to permanent, full-time faculty and staff, excluding the president, provost, vice presidents and deans.
The board also approved a 6 percent tuition increase for Kentucky undergraduate students, as permitted by the Council on Postsecondary Education. The increase amounts to $240 per semester. Approved housing rates average no increase from 2009-10.
In other action, the board approved:
- a bachelor of science program in American Sign Language Interpreting Studies to begin in fall 2010 and a graduate certificate in Translation (English/Spanish – Spanish/English) to begin in fall 2011
- changes to the university’s shared leave policy, now titled the catastrophic leave policy, so that employees may donate earned vacation or sick time to a designated employee
- expanded retirement investment options, such as permitting rollovers into a 403(b) account, contributions to Roth IRAs and implementation of a 457(b) plan
- capital construction projects, including a renovation of Stevenson Hall and two chemistry labs
- resolutions in honor of All-American tennis player Austen Childs, who finished second in the NCAA singles tournament last week; Big East Tennis Coach of the Year Rex Ecarma; and trustee Bill Stone, whose term expires this month
- designation and naming of the Garvin Brown III Rowing Facility. Brown, a former director of Brown-Forman Corp., donated $1.5 million for the $2.65 million project. Groundbreaking for the 14,000 square foot facility on the Ohio River took place earlier this week.
The board also heard a presentation from President James Ramsey on the importance of the university’s partnerships with local business.
In a discussion about regional economic development, Ramsey introduced John Reinhart, president and chief executive officer of the International Center for Long Term Care Innovation, a venture that is jointly funded by Nucleus and Signature HealthCare. Reinhart talked about the center’s role in inspiring entrepreneurial innovation specifically for the long-term care market sector.
Board Chair Owsley Frazier announced that the Advertising Federation of Louisville has named President Ramsey 2010 Louisvillian of the Year. According to the federation’s website, the award is given to recognize generous personal contributions to the life of the community in the areas of civic, educational or business progress.
Previous recipients include Muhammad Ali, Barry Bingham Sr., Wendell Cherry, David Jones and Mayor Jerry Abramson.