University status change could mean fewer financial restrictions
Chancellor G.P. “Bud” Peterson and President Hank Brown are considering changing CU’s status as an institution within the state of Colorado in hopes of reorganizing the university’s budget. The Chancellor briefly covered this topic in his State of the Campus address earlier this week.
CU is currently classified as an “enterprise,” or state-affiliated institution that receives under 10 percent of its funding from the state.
CU receives only 8 percent of its funding from the state. The university works with the Colorado state legislature and governor on an annual basis to revise and reconstruct the university’s fiscal budget.
The state government passes on a number every year to CU for in-state tuition costs to ensure a certain amount of college accessibility to Colorado residents.
FOR MORE INFORMATION
–OCG (Office for Contracts and Grants)
–Chancellor’s State of The Campus address podcast
–Flagship 2030, Chancellor Peterson’s future plan for CU
For the 2007 -2008 academic year, the average CU student in the college of Arts & Sciences carrying a full course load saw about a 5 percent tuition increase, according to CU spokesman Bronson Hilliard.
Though students saw this tuition hike, those who received financial aid also saw a 40 percent increase in support dollars compared to last year’s recipients.
CU is considering transitioning the power of organizing the university’s budget from the hands of the government to CU.
The proposed plan would change the university’s classification from “enterprise” to “public authority.” A public authority classification would free some of the financial restrictions on the university imposed by the state. CU officials would be able to create the budget in the best interest of the school.
“[Public authority] would allow for more flexibility in the budget,” Hilliard said on Thursday in response to the proposed transition.
If CU does adopt the new classification, it would likely lose some state funding. CU would also need to rely on auxiliary enterprises, like parking tickets and fines, for revenue. Hired employees would be overseeing CU’s financial plan, as opposed to elected or appointed officials.
The change of status is just one of many ideas Peterson and Brown proposed. The concept is only in the preliminary stages of development; future steps are now being explored.
Contact Campus Press Staff Writer Daniel Carter at daniel.carter@thecampuspress.com.
