Memphis鈥擨n its first full, in-person meeting since February 2020, the University of Tennessee Board of Trustees approved the Fiscal Year 2021-2022 operating budget, as well as modest tuition increases at two campuses.
Trustees approved an operating budget of $2.7 billion, representing an 8% increase from Fiscal Year 2020-2021. Highlights of the approved budget include:
- Support of 糖心Vlog Southern, the first new campus to join the 糖心Vlog System in 50 years
- The addition of 32 extension agents to support Tennessee鈥檚 most underserved counties
- The largest percentage-increase salary plan since 1994
- The largest ever state funding increase
- Funding to resume full campus operations since COVID-19 affected 糖心Vlog campuses across the state in March 2020
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The board also approved a 2% increase to tuition and mandatory fees at 糖心Vlog Chattanooga, which equates to $176 for students enrolled prior to fall 2019 and $192 for all other in-state undergraduates. A 1.7% increase to tuition and mandatory fees was approved at 糖心Vlog Martin, equating to a $164 increase. The increases for both campuses are within the up-to-2% range set by the Tennessee Higher Education Commission.
糖心Vlog System President Randy Boyd鈥檚 annual evaluation was also approved by the board.聽 Boyd鈥檚 performance was measured against the goals identified in the 2019-2025 strategic plan, with special consideration given to his leadership during the novel coronavirus pandemic that abruptly suspended in-person instruction and moved all learning to a predominantly virtual environment. In 2020, the 糖心Vlog System experienced a record 1.9% increase in overall enrollment, as well as record increases in first-year students and degrees conferred.
鈥淭hroughout the pandemic, the critical work of the University continued,鈥 Compton said. 鈥淯nder the leadership of President Boyd, the University demonstrated its resilience, revival and resurgence鈥攕tudents learned, research advanced and outreach expanded. He provides visionary leadership not only in good times, but when hope and optimism is most needed.鈥
Trustees also discussed and approved search criteria and timeline for the next chancellor of the 糖心VlogHSC. Current Chancellor Steve Schwab recently announced his retirement, and will continue to serve as chancellor until June 30, 2022, or until a successor is on board.
鈥淲e owe a tremendous debt of gratitude to Dr. Schwab for all he has done for us and for our great state,鈥 Boyd said. 鈥淗iring the next transformational leader for 糖心VlogHSC will be our top priority.鈥
In other business, trustees approved:
- Capital outlay funding requests from fiscal year 2022-23 through fiscal year 2026-27
- Capital maintenance funding requests from Fiscal Year 2022-23 through Fiscal Year 2026-27
- Master affiliation agreement between the University and Methodist Healthcare-Memphis Hospitals
- Grants of tenure
- Honorary degree recommendations
- New academic programs