MORGANTOWN — The WVU Board of Governors unanimously approved a Fiscal Year 2019 budget of $1.1 billion budget on Friday. This is a slight increase over FY 2018’s budget of $1.07 billion.
The budget includes $15 million for additional pay raises for faculty and staff.
While the state provided $3.1 million in state funding for the pay raises, the university was required to identify the remaining funding to make them a reality.
The increase in budgeted expenses is funded by a previously approved 5.73 percent tuition increase, additional state appropriations of $2.4 million, and a 2 percent reduction in expenses.
As previously reported, WVU tuition saw a near 10 percent increase in the 2015-2016 academic year, as institutions faced a 1.4 percent reduction in state support. Last year, students saw a 5 percent tuition increase after a 5 percent raise the year before, totaling just under 26 percent with this year’s hike.
The university said it continues to focus on being more efficient and cost effective by implementing new technology systems, focusing on performance, and leveraging expertise and arrangements with the private sector.
“We continue to invest in faculty and staff in order to provide the best environment possible for our students,” said Paula Congelio, vice president for finance and chief financial officer. “We realize the importance of retaining and rewarding our outstanding faculty and staff by offering competitive salaries in conjunction with the pay raise provided by the state.”
The current tuition increase will also allow the university to account for increasing information technology costs, improved graduate student stipends and inflationary costs, it said in a release.
The BOG also authorized the university to enter into a lease and development agreement for new student housing at WVU Institute of Technology in Beckley. The 264-bed dormitory will also include two classrooms, a fitness center, laundry facilities and food service.
“We are so excited about this new residence hall,” said Carolyn Long, WVU Tech campus president. “This will allow us to serve more students and continue to provide excellent on-campus experiences for our students. We see this as an opportunity to grow, and we are so grateful that the university and the Board of Governors are supporting this, along with other efforts to help us move forward.”
The BOG’s next regular meeting is set for Sept. 21 in Morgantown.