During a special called meeting on Friday, the Western Kentucky University Board of Regents approved the university’s 2025 fiscal year operating budget.
Beginning July 1, 2024 and ending June 30, 2025, the 2025 fiscal year has a total budget of $394,230,000, according to a WKU News press release. The budget includes a 2% salary increase pool for faculty and staff.
The salary increase was originally recommended by the university’s Budget Executive Committee. This increase marks the seventh time the university has raised employee salaries since 2019.
The budget, which is nearly $4.3 million larger than the 2023-2024 budget, also proposes a 2% tuition increase.
The Regents also approved a land lease agreement between Holley Performance Brands and the university. Under the terms of the agreement, Holley will lease an additional 20,000 square feet at the university’s Innovation Campus.
In turn, WKU will lease the office building and a portion of the manufacturing space at Holley’s current Russellville Road headquarters. As a land swap arrangement, neither party will be required to pay rent to one another for the newly-leased space.
The WKU Board of Regents next meets August 8 and 9, 2024, for its annual retreat and third quarterly meeting of the calendar year.
Source: WBKO
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