MEMPHIS, TN (WMC) - The University of Memphis Board of Trustees met on Wednesday to discuss the freezing of tuition, budgets, and salary increases.
A number of approvals regarding employee salaries were made by the board in Wednesday's meeting. The board decided not to raise U of M tuition as well as increase the salary for full-time U of M employees.
This salary increase will benefit employees at the lower half of the pay scale, by raising the minimum wage by 4.95 percent to $10.60 per hour. A salary supplement of $50,000 for U of M President M. David Rudd was approved to be paid through private funds. In result of the meeting, the board approved a tenure and promotion for faculty members.
In terms of budgets, the board approved the estimated operating budget for the fiscal year 2017-18, as well as proposing the operating budget for fiscal year 2018-19. Looking ahead, the board has already approved capital budget requests for fiscal year 2019-20.
In other news, three new academic programs were approved, including: Doctor of Physical Therapy, Doctor of Social Work, and Master of Science in Engineering Management. The meeting also provided an update on the Natatorium Project, when the Board recommended approval on a short-term loan of $6 million from the Tennessee State School Bond.
The next Board of Trustees Meeting with be held at U of M September 5.