ISU Approves FY 2013 Budget, Extends Bowman's Contract
By: Kim Behrens
Updated: October 26, 2012
NORMAL--Despite state funding cuts, Illinois State University is holding strong with a balanced budget next year.
Today, the ISU board of trustees passed its fiscal year 2013 budget plans which total more than 400 million dollars.
Staff also extended president Al Bowman's contract for another four years.
He'll get a $100,000 bonus for serving the contract term.
Bowman says while state funding cuts are forcing the university to tighten spending, ISU enrollment remains high.
As a result, tuition rates are helping the school make up some of its loss.
"The stable enrollment is also providing revenue streams that allow us to cover operating costs while we wait on delayed payments from the state," Dr. Bowman stated.
To continue bringing new students to campus, ISU says facility improvements are a must.
In the long run it wants to renovate its aging Milner Library and construct new buildings for its lab schools--University High and Metcalf Elementary.
Hancock Stadium Update:
The board also agreed to spend an extra one million dollars to finish upgrading ISU's Hancock Football Stadium.
The money will spent on a public address system, speakers, and new signs.
The$ 25 million dollar grandstand project began earlier this year.
The overhaul includes new bleacher back seating, a larger concourse, and new scoreboard.
Construction will be complete in time for the 2013 football season.
Today, the ISU board of trustees passed its fiscal year 2013 budget plans which total more than 400 million dollars.
Staff also extended president Al Bowman's contract for another four years.
He'll get a $100,000 bonus for serving the contract term.
Bowman says while state funding cuts are forcing the university to tighten spending, ISU enrollment remains high.
As a result, tuition rates are helping the school make up some of its loss.
"The stable enrollment is also providing revenue streams that allow us to cover operating costs while we wait on delayed payments from the state," Dr. Bowman stated.
To continue bringing new students to campus, ISU says facility improvements are a must.
In the long run it wants to renovate its aging Milner Library and construct new buildings for its lab schools--University High and Metcalf Elementary.
Hancock Stadium Update:
The board also agreed to spend an extra one million dollars to finish upgrading ISU's Hancock Football Stadium.
The money will spent on a public address system, speakers, and new signs.
The$ 25 million dollar grandstand project began earlier this year.
The overhaul includes new bleacher back seating, a larger concourse, and new scoreboard.
Construction will be complete in time for the 2013 football season.
