Iowa State will propose its final budget for approval before the Board of Regents Thursday.

Updated from the original preliminary budget presented in June, the final budget is anticipated to meet the Regents’ approval, said Mark Chidister, assistant to the president for budget planning and analysis.

Changes made to the finalized budget not included in the preliminary proposal include an increase in the salary budget by $1 million, professional and scientific supplies by $300,000 and equipment by $800,000, according to Board of Regents documents. To balance these changes, the university budget will reduce its building repairs fund for Fiscal Year 2004 by $2.1 million.

Despite the increase in tuition over the past three years, Iowa State has not been able to cover the state cutbacks, which has resulted in funding cuts to programs and research, according to Board of Regents documents. The budget plan outlined for Fiscal Year 2004 expected a $20.4 million increase in new revenue for the next academic year, but a $30.8 million increase in expenses. This leaves the university to make up the difference, $10.4 million, through the reallocation of funds, according to Board of Regents documents.

For fiscal year 2004, Iowa State is experiencing a near $7 million state cutback.

The state appropriations have been going down at a time when Iowa State’s enrollment has been increasing. At the Board of Regents meeting June 19, ISU President Gregory Geoffroy noted that since 2001, Iowa State will have 17 percent less state appropriation per student in the 2004 fiscal year, while the faculty per student ratio has risen to 19.5 students per faculty in 2002.

The Board will also consider Iowa State’s preliminary appropriation requests for the operating budget for fiscal year 2005. Iowa State is requesting a $13.5 million appropriation increase for the fiscal year 2005, according to Board documents.

Of the $13.5 million, $5 million is requested for rebuilding faculty in order to maintain excellence in undergraduate instructional programs, according to the Board of Regents documents.

The additional funds will aid in covering economic environment, enhance student persistence and graduation rates, building repairs, the Agriculture Experiment Station and the Cooperative Extension Service, according to Board of Regents documents.