Regents return $31 million to students
April 19, 2010
The $100 surcharge that was assessed to students this semester to help cover a budgetary shortfall for Iowa State was returned this week after the university received less of a cut than previously expected.
Gov. Chet Culver signed legislation Thursday that returned $31 million to the Board of Regents. The money was appropriated to the three regents universities, $6 million of which represents the return of the $100 surcharge to the unversities’ students. The Board of Regents agreed in February to return the money to students, pending Gov. Culver’s approval.
The money was originally supposed to generate about $2.4 million for the university, which was 10 percent of the original $24.5 million budget shortfall that was expected.
Departments on campus will still be expected to plan their budget’s reduction numbers around that $24.5 million amount and the university will use excess money as a bridge fund to cope with expected budget troubles in the coming year.
A budget memo is expected to be released Tuesday outlining the changes that specific departments will be making to meet their budget reduction goals.