The ISU Board of Trustees approved two separate budget requests for funding from the state on Oct. 25 despite tight state finances.
The board approved a $270.6 million capital budget request to the state for five major building projects and $84.9 million for the operating budget request.
The two separate budget requests to the state are the operating budget and the capital budget, Dan Layzell, vice president of finance and planning, said.
The operating budget request is for the ongoing operations of the university and providing the services of the university.
In comparison, the capital budget is meant mainly for facility and building projects. The Board of Trustees has listed five major projects to be funded within the capital budget.
Unfortunately, the state has only a limited amount of money for capital projects, so the hopes of all of the five major buildings to be funded are slim.
“They have to set certain priorities with the limited amount of money,” Layzell said.
“It could be several years before they are able to fund the projects we are asking for.”
The capital budget lists of projects include $79 million for renovations and expansion of Milner Library, $27 million for a new Mennonite College of Nursing building, $48.8 million for a replacement of the Thomas Metcalf School and $32.5 million toward remodeling DeGarmo Hall.
Additionally, $54 million will be funded to replace University High School, $29.3 million to renovate Williams Hall and $3.1 million to replace doors, windows and emergency generators amongst various buildings.
Concurrently, ISU faces $500 million backlog deferred maintenance projects. Basically, this includes everything from minor projects to the facility projects in the capital budget.
“What this means is the university only has a certain amount of money we can spend each year on these kinds of projects, but buildings will need maintenance regardless if you are spending money on them or not,” Layzell said.
The main operating budget request was for a salary increase of 3 percent, ongoing modernization of the university’s informational system and money to help with deferred maintenance needs.
“On the operating side, the quality of the education we have to provide here is directly related to the faculty and staff, which is why we are asking for salary increases to retain the best faculty,” Layzell said.
Both of these requests are for the fiscal year of 2015. If funding is approved by the state, ISU will receive funding on July 1, 2014.