Regents approve budget for next year – New Mexico News

Regents approve budget for next year – New Mexico News

UNM’s $2.9 billion budget was unanimously approved by Regents on Tuesday.

The approved budget plans for $833 million in total revenues and an equal amount of expenses, leveling out to a 1.9 percent overall decrease compared to last year.

In his administrative report to Regents, Interim President Chaouki Abdallah said decreases in state funding and Lottery Scholarship support were primary drivers of the revenue reduction.

To counter the revenue decreases, the budget team prepared spending reductions including continued workforce reduction, a continued hiring freeze and cost containment initiatives.

Increased student fees and a change in tuition structure were also implemented to counteract shrinking state contributions.

Part of those changes include an $18 per credit hour premium for upper level courses – courses level 300 and above – and a 7.3 percent student fee increase.

The tuition change did not bring the budget to a perfect balance, however. Though budget leaders proposed an upper level course premium of $23 per credit hour, Regents chose an $18 per credit hour hike.

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