Illinois State Board of Trustees Approves Internal Budget

The Illinois State University Board of Trustees today approved the FY2008 internal operations and grants budget.  The budget is $320 million, which is a 4.6 percent increase from the FY2007 budget.

The Illinois Board of Higher Education requires public university governing boards to review and approve an internal budget each fiscal year in October.  The budget is divided into the areas of instruction, organized research, public service, academic support, student services, institutional support, operations and maintenance of the physical plant and independent operations.

General revenue funds increased by $1.5 million, or 1.9 percent, over FY2007 appropriations.  Approximately 26 percent of institutional projected revenues will come from state appropriated funds, with more than 30 percent coming from the University Income Fund, which is primarily tuition revenue.  All other funds represent approximately 44 percent of the University’s operations and grants expected revenue. More than 37 percent of all revenues will be expended for instructional purposes, and more than half will be expended for personal services.