Trustees at the University of Kentucky have voted in favor of a $2.6 billion budget for the coming year. The plan offers no pay raises for UK employees, but President Eli Capilouto says he hopes to set aside funds for 5% merit pay raises for staff and faculty in the 2013-2014 fiscal year.
The budget approved by the Trustees includes $10.3 million extra to cover existing scholarship commitments and the cost of some expanding scholarship programs. The Lexington-based university is facing a $20 million dollar cut in state appropriations for the coming year.
Universities in the Commonwealth have been advised that their budgets will be flat in the following year.
The budget approval comes just days after the University of Kentucky announced the layoffs of 140 people. University officials have also indicated that another 164 vacant positions won't be filled.
The WKU Regents are scheduled to meet Friday morning on the WKU campus to vote on their budget plan for the next year.