MARQUETTE, MI-- The Northern Michigan University Board of Trustees has approved a $108 million general fund operating budget for fiscal year 2015-2016.
It’s an increase of about $400,000, or 0.4 percent from last year. Officials say the university has seen an increase in health care costs, the minimum wage, and other costs, but they expect most of the increased expenses to be offset by restructuring and operational adjustments.
The board also approved a two-percent increase in President Fritz Erickson’s base salary and offered a $20,000 performance bonus for his achievements in his first year.
Erickson’s contract was also extended two years and is now set to expire in 2018.
