UPDATED: University of New Mexico regents approved a $2.1 billion budget for the coming fiscal year.
The approved budget represents a 5.2 percent increase over the current year’s budget. Much of the increase was driven by revenues at the Health Sciences Center, which makes money by providing patient care. UNM also increased tuition and fees by 5.5 percent and it plans to spend money on building projects generated by revenue bonds it issued in 2005 and 2007.
State funding for UNM, which pays for such things as instruction, actually decreased by several million.
The budget process has been painful this year because of a drop in state revenues that has resulted in funding cuts for the state’s colleges and universities.
There will be no raises for faculty or staff this year. Insurance premiums, however, will remain the same because UNM is beginning a self-insurance program for health benefits.