MINNEAPOLIS — The University of Minnesota's Board of Regents approved the U of M's fiscal year 2024 budget, which included tuition increases, at a special meeting Monday.
The approved budget includes a 3.5% tuition increase for the Twin Cities and Rochester campuses.
Tuition will go up by 1% at Duluth, Morris, and Crookston.
The approved budget includes an average of 3.75% merit-based salary increases for faculty and staff.
The U of M employs over 27,000 people statewide, according to the U's news release.
"This balanced budget reflects the University of Minnesota's commitment to our role as the state's premier research university while prioritizing the education of students and positioning them for successful careers in Minnesota's workforce, as well as engaging with Minnesota communities to make our state stronger," said Board Chair Janie Mayeron in the release. "I'm looking forward to seeing this budget in action in the coming year, as well as continued discussions with my Board colleagues about how we can strategically invest in supporting our students, faculty and staff as they achieve at the highest levels into the future."
Earlier this spring, data showed a drastic drop in enrollment. The numbers showed enrollment had fallen in the last decade at three of the five campuses. The Morris campus faced the largest drop at 44.5%. Duluth fell 16.1% and Crookston fell 17.9%.
The U of M is also undergoing a big change in leadership with Joan Gabel exiting as the school's president earlier this month. Jeff Ettinger is serving as the interim president.
WATCH MORE ON KARE 11+
Download the free KARE 11+ app for Roku, Fire TV, Apple TV and other smart TV platforms to watch more from KARE 11 anytime! The KARE 11+ app includes live streams of all of KARE 11's newscasts. You'll also find on-demand replays of newscasts; the latest from KARE 11 Investigates, Breaking the News and the Land of 10,000 Stories; exclusive programs like Verify and HeartThreads; and Minnesota sports talk from our partners at Locked On Minnesota.
- Add KARE 11+ on Roku here or by searching for KARE 11 in the Roku Channel Store.
- Add KARE 11+ on Fire TV here or by searching for KARE 11 in the Amazon App Store.
- Learn more about the KARE 11+ app for Apple TV in the Apple App Store.
- Learn more about KARE 11+ here.