A budget that brings "gut-wrenching" change to the University of Kentucky was approved Tuesday by a 17-2 vote of the UK Board of Trustees. The $2.6 billion budget reflects drastic cuts in revenue, the likes of which are unprecedented, said Angie Martin, vice president of financial operations. "It has been the first time I have ever seen such pressure on all our major revenue sources at the same time," Martin said. "Normally, there would be a release valve, if you will, that we could shift and we can move money. That's not the case this time." Tuition increases of 6 percent for 2012-13 and 3 percent for 2013-14, coupled with anticipated enrollment growth, are expected to take care of about half of the $43 million deficit, caused by a $20 million cut in state funding and $23 million in increased costs. Program and personnel cuts will cover the rest.
http://www.kentucky.com/2012/06/19/2230286/panel-approves-university-of-kentucky.html
