At its annual spring meeting, the Board of Trustees approved DePaul's proposed $566 million budget.
With that approval, the following changes will occur in the 2017 fiscal year:
- A 2.5 percent compensation pool increase will be available to supervisors on Jan. 1, 2017, to provide discretionary increases for eligible full- and part-time faculty, staff and students. Increases for eligible part-time faculty will be made available in accordance with each college's or school's standard review process.
- At the same time, the university will increase its match of employees' 403(b) contributions from 8.5 percent to 9 percent. To receive the match, eligible employees need to contribute at least 5 percent of their salaries to the 403(b) plan.
- Funding will be provided to increase wages to a minimum of $10.50/hour as required by recently enacted legislation. This wage increase primarily affects students.
- Tuition will increase by 2.5 percent for continuing undergraduate students. The university is eliminating the enrollment registration fee.
- DePaul will honor the MAP grant next year for all new entering students - freshman or transfer - who applied for financial aid by the cutoff date to be announced by the Illinois Student Assistance Commission, if the state continues at a budgetary impasse into next year.
- DePaul also is committed to supporting our currently enrolled students who will continue at DePaul next academic year, and will make every effort to ensure that those who are relying on MAP grants this year are supported if the state fails to fund the MAP grants next year.
DePaul's budget process began in November, when the university Strategic Resource Allocation Committee, known as SRAC, held a series of meetings to discuss broad financial decisions. SRAC membership includes representation from DePaul's faculty, staff and students. This year's voting members of SRAC include:
- Vanessa Cadavillo, Student Government Association president
- Marten denBoer, provost
- Bob Kozoman, executive vice president and chair of SRAC (retired as of Jan. 4)
- David Miller, dean, College of Computing and Digital Media
- Thomas Mondschean, Faculty Council representative
- Sherri Sidler, controller
- Robert Ryan, Staff Council president (completed service in November 2015)
- Michaela Winchatz, Faculty Council president
- Paul Zionts, dean, College of Education
SRAC recommended a proposed budget to the university's president, who accepted the proposal with minor changes and presented it to the finance committee of the Board of Trustees. In December, the finance committee unanimously endorsed the proposed budget and sent it to the full board for approval.