The tuition increases will offset a $2.1 million state budget cut, provide $2.5 million in additional scholarships and cover increased health insurance costs and 2 percent raises for UofL faculty and staff.
“This is another tough budget,” said UofL budget director Susan Howarth. “But it’s balanced and allows us to invest in our students, faculty, staff and strategic initiatives that will keep us on our upward trajectory.”
The board also approved an honorary degree to long-time UofL supporter Sam Swope. Swope is the founder and chairman of Sam Swope Auto Group, LLC and has been a community leader in Louisville and Elizabethtown since 1952. Swope has received numerous awards including the 2009 Louisvillian of the Year, given by the Ad Federation of Louisville, and the 2014 Fleur De Lis Award given by the Louisville Forum.
“There is no one in Louisville more deserving of this special honor,” said UofL President James Ramsey. “Sam Swope has a long history of public service including an undying love for the University of Louisville and our students.
Swope, 87, will receive the honorary degree Saturday, May 10at UofL’s afternoon commencement ceremony.
The board also approved a land lease to the UofL Foundation for the possible development of a new student housing and upgrade to park land between Third and Fourth streets on the Belknap Campus.