Posted on March - 28 - 2010
University of Akron to raise tuition and fees, boosts president’s salary
The University of Akron will raise tuition and fees on May 15, and university president Luis Proenza has received a raise.
The board of trustees voted yesterday, March 24, to increase tuition and general fees 3.5% for undergraduate and graduate students and 6% for law students. The trustees also approved a 7.9% salary hike for Dr. Proenza that is retroactive to Jan. 1. His salary increased to $385,000 from $354,495.
The boost in tuition and fees will help Akron maintain competitive salaries, sustain services and class sections for students and fill the budget gap that is expected to be created by a reduction in state and federal support.
The university has three goals in its budget for the fiscal year that begins July 1, said Scott Borgemenke, interim vice president for finance and administration and chief financial officer.
“First, we must meet our financial commitments, which include increases to bond obligations, labor agreements and medical benefits,” Mr. Borgemenke said. “Second, we want to assure that for every new dollar we spend, we save a dollar somewhere else. And third, we want to create a budget stabilization fund to help us prepare for a future that will likely include fewer dollars from the state and federal governments.”
The budget is expected to be approved at the April 28 board of trustees meeting.
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