Indiana University’s Board of Trustees passed a $4.2 billion budget for the next fiscal year.
That’s about $200 million higher than last year. IU said the increase reflects rising labor costs, but it has kept the budget increase lower through reductions in some areas.
The new budget includes salary increases of up to three percent for IU employees. Inflation currently stands at four percent.
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The trustees announced several capital projects including a renovation of Wells Quad, laboratory expansion in Indianapolis and demolition of the Redbud Hill apartments in Bloomington.
The budget will take effect July 1.
