Tuition, compensation recommendations approved by Board of Regents
The CU Board of Regents on Friday voted to approve proposed rates of student tuition and fees and employee compensation for the 2023-24 fiscal year. The figures will be used in building CU’s annual budget, which the board will vote on in June.
During the board’s regular meeting April 27-28 at the CU Anschutz Medical Campus, CU President Todd Saliman and Chad Marturano, vice president and chief financial officer, thanked state leadership for recently approving a significant increase in funding for higher education – 11.5%, or $118.6 million. CU will see $32 million of that, representing an operating increase of 11.2%. The state also is increasing statewide financial aid by $27.3 million, or 11.5%.
At CU, undergraduate resident tuition rates for students will increase either 4% or 5%, varying by campus. Continuing CU Boulder undergraduate students won’t see an increase over last year, based on the four-year tuition and fee guarantee. Fees also vary by campus.
Compensation for classified staff across the system will increase 5%, adhering to the state requirement. Merit pools between 3% and 4% will apply to all other faculty and staff, varying by campus, with additional pools for salary compression, retention and equity at some campuses ranging from 0% to 4%. All campuses also will increase minimum wage rates for staff and students.
“With these changes, we’re trying to do right by students, faculty and staff with compensation increases while keeping tuition in check, which is made possible by increased state support,” Marturano said.
Regents voted unanimously to approve recommended fee increases, many of which were spearheaded by students. They voted 8-1 in favor of proposed tuition and compensation rates, with Regent Mark VanDriel voting no.
The board also unanimously approved new Associates of General Studies degree programs at CU Denver and UCCS. The action follows the lead of the state’s CORE initiative, which enables four-year institutions to award earned associate degrees to eligible former students who have earned at least 70 credits but left college in good academic standing before completing a four-year degree.
A meeting highlight was the board formally recognizing five of the nine most recent CU Distinguished Professors. Ron Sokol of CU Anschutz; Kira Hall, Karolin Luger and Leysia Palen of CU Boulder; and Carlos Paz de Araujo of UCCS attended the April 27 meeting to be honored and receive their awards. The other four from this year’s cohort will be recognized at a future Board of Regents meeting. Read more on the Distinguished Professors here and here.