OSU/A&M Board of Regents approve FY 2012 budget for Oklahoma State University
The Board of Regents for OSU/A&M Colleges approved an operating budget for FY 2012 which allows the Oklahoma State University system to continue its land-grant mission of instruction, research and service.
The $1.079 billion budget for the Oklahoma State University’s state-wide campuses and operations includes $235.5 million in state allocations, a decrease of $12.0 million or 4.8 percent from the 2011 budget.
“Oklahoma State University provides tremendous value and is an important economic engine for the state of Oklahoma,” said OSU President Burns Hargis. “First and foremost, we prepare more than 35,000 students for meaningful careers in virtually every field. Our graduates have the skills and creativity to excel, lead and serve in Oklahoma or anywhere in the world.”
Hargis said, “OSU also conducts comprehensive, life-changing research that brings millions of dollars into the state and creates new jobs and companies. And, we serve Oklahoma citizens through outreach efforts that mean lasting benefits to people and our state.”
The budget includes a three percent pay raise for OSU employees based entirely on merit with a minimum of a $1,000 raise for lower-paid staff. It is the first salary increase at Oklahoma State in three years. Hargis and the other campus presidents will forgo the pay increase to help support the program.
“One of the most important resources we have at OSU is our people,” Hargis said. “In order to retain our top-notch faculty and staff, salaries must continue to be competitive with universities across the nation. Even with the increase, our salaries lag that of many of our peers.”
The cost of the merit pay raise is being offset by strategic administrative cuts, faculty and staff doing more with less even as enrollment grows, energy savings of $16 million over the last three years, as well as a substantial increase in donor support.
“I am very proud of the efforts our campuses have made to save money and conserve energy,” said Hargis. “Without these efforts the pay raise would not be possible.”
Also included in the General University budget is a 4.8 percent increase in tuition and mandatory fees for undergraduates. Based on 30 credit hours, this equates to an increase of approximately $37 per month in tuition and mandatory fees for in-state undergraduate students. Graduate tuition and mandatory fees will increase 7 percent. Tuition increases on the remaining OSU campuses will range from 4.3 to 7.8 percent.
“Raising tuition is not a decision we take lightly,” said Hargis. “We realize the financial sacrifice many of our students and their families must make in order to seek an education at OSU. Our challenge is to grow and expand our land-grant mission while remaining one of the best bargains in higher education.”
The OSU budget must now receive approval from the Oklahoma State Regents for Higher Education. If approved, it will take effect July 1, 2011.