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.
A key committee of the WKU Board of Regents has given approval to a new budget for 2012-2013. Meeting in the Cornelius Martin Regents Room on the WKU Campus, members of the Finance and Budget Committee approved a $388 million budget, which includes a 2% pay raise for faculty and staff.
After a night of discussions, Kentucky lawmakers have finally reached a budget agreement. Negotiations on a budget compromise began Monday. By Tuesday, talks had stalled. Lawmakers were unable to work out differences over funding school construction, paying for indigent care at University Hospital in Louisville and reducing bonded debt. House and Senate leaders resolved their differences shortly before 3 am today.
Kentucky lawmakers continue to work on a budget compromise. Both chambers of the General Assembly have approved budget bills and a conference committee has been meeting since Monday to work out the differences. One major point of disagreement is funding for school construction.