$24.53 million budget for Ivy Tech Bloomington includes raises, credit hour price increase

The Herald-Times
Posted: Thursday, July 24, 2014 12:00 am | Updated: 12:39 am, Thu Jul 24, 2014.
By MJ Slaby 812-331-4371 | mslaby@heraldt.com

A more than $24 million budget for Ivy Tech Community College Bloomington includes slight credit hour price increases and raises for full-time faculty and staff.

The budget for the fiscal year 2014-15 was approved Tuesday by Ivy Tech’s regional board and is $24.53 million compared to last year’s $25.72 million.

However, that difference is due to some one-time purchases made last fiscal year, said Doug Giles, executive director for administration. Those purchases were mostly equipment including a $150,000 piece of equipment for the radiation therapy program, he said. Without those purchases, Giles said the budget actually increased by 1.7 percent.

Included in this year’s budget is a $500 raise for each full-time faculty and staff, Giles said. The budget allocates roughly $17 million — the largest portion — to salaries, wages and fringe benefits.

Credit hour prices are also increasing. Cost per credit hour will go up $5 in the fall to $126.15 and then $5 dollars more in the spring to $131.15 for in-state students. There will be a one-time increase of $10 per hour in the fall for out-of-state students to $260.40 per credit hour, he said.

Roughly $475,000 is also allocated to facility leases, an amount that Ivy Tech Regional Board Chairwoman Connie Ferguson noted will decrease drastically once the addition to the Connie and Steve Ferguson Academic Building is complete. The building is expected to be open in January 2016.

Giles said the budget is allotted to the regional campus by the Ivy Tech central office based on the numbers that regional campus reports.