Illinois State University’s Board of Trustees today approved an FY2016 operating budget of $422,246,900, which reflects a $7.4 million (10 percent) reduction in state appropriations compared to FY2015. The resolution passed by Board members stipulates that if state appropriations cuts are greater than $7.4 million, the University’s operating budget will be reduced by a corresponding amount.
In the face of ongoing state budget uncertainty, Illinois State University developed contingency plans to manage reductions to its FY2016 state appropriations ranging from 10 percent to 31 percent compared to the previous year’s appropriation. Under Illinois Board of Higher Education policies, Trustees were required to approve an operating budget even though the State of Illinois has not acted on an appropriations bill to fund higher education.
The approved operating budget consists of money from state appropriated funds, tuition and fees, bond revenue, grants, contracts, and other funding sources.