MARQUETTE, MI-- The Northern Michigan University Board of Trustees has approved a $118 million budget for the 2019-2020 school year.
That’s a 4 percent increase over last year. Officials say it adjusts for inflationary costs for utilities and educational supplies, unfunded state mandates and contractual obligations.
Trustees say the new general fund base budget continues strategic investments in four areas: innovative academic programs; faculty, staff and students, including a nearly $940,000 increase in financial aid; campus modernization and facilities maintenance; and intercollegiate athletics and student activities.
The Board approved NMU’s budget before the state of Michigan’s budget is finalized.
The NMU board also approved an executive committee recommendation to increase President Fritz Erickson’s base salary by 2 percent, bringing it up to $392,700. Erickson will also receive a performance-based bonus of $38,500 for achieving established goals.
