Online only: Leebron holds town hall, discusses budget cuts, tuition increase
In an address to over 500 people during his Town Hall meeting Thursday, President David Leebron spoke about budget cuts, tuition raises and the decision not to merge with the Baylor College of Medicine.Though citing the fact that the endowment lost approximately $1 billion during the recession, it has started to recover, leaving Rice still on track for Vision for the Second Century mission, Leebron said.
Because 47 percent of Rice's budget comes from the endowment, its losses spurred the 5 percent budget cuts during fiscal year 2010. Another 5 percent budget cut is expected in FY 2011. As part of these budget cuts, 1 percent of Rice staff has been laid off during FY 2011. However, no layoffs are expected for FY 2012.
Tuition also has been affected. It will be raised 5.4 percent for entering freshmen, Leebron said. However, financial aid is expected to increase by 16 percent.
Fifteen percent of the university's revenue comes from tuition.
Though Leebron mentioned disappointment in the merger with the BCM not working out, he said the Bioscience Research Collaborative is already helping foster connections with the Texas Medical Center and will continue to do so.
South college renovations, as well as construction of the Brockman Hall for Physics, are on schedule to be completed next year.
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