The Iowa Board of Regents approved a 4 percent salary increase for President Gregory Geoffroy, raising his annual pay by nearly $17,000.

Geoffroy, who refused a salary increase last year, has received $423,316 annually since July 1, 2008. Following the regents’ decision, he will now earn $440,249 a year.

The money will come from tuition revenue, which grew nearly 8 percent in the last year due to a combination of increased fees and record-breaking enrollment numbers.

Although Iowa State’s state appropriations have been cut nearly 5 percent, the university’s budget for the 2012 fiscal year stands at $535.6 million, approximately $8 million more than the last fiscal year’s budget.

The regents also discussed student financial aid, building repair costs and the search for a new ISU president during the meeting.

Jake Olstad, freshman in electrical engineering, said he approves of Geoffroy’s salary increase.

“A university is like a business, and if [Geoffroy] can manage to get all these extra students in this tough economic time like this, then I’m fine with him getting a raise,” Olstad said.

Jon Denham, junior in hotel, restaurant and institution management, disagreed.

“If they’re raising tuition and he’s getting a cut of it, then we better see some added benefits or improvements on campus,” Denham said.

The presidents of the University of Iowa and the University of Northern Iowa also received raises.

The regents’ office declined requests for comment.