Wake Forest Board of Trustees approves 2007-2008 budget
March 30, 2007
The Wake Forest University Board of Trustees approved a $289 million budget for the university’s Reynolda Campus for the 2007-2008 fiscal year in a regularly scheduled meeting March 30 in Winston-Salem. The new budget is 8.3 percent above the current 2006-2007 budget.
The budget supports a 2007-2008 salary increase for faculty and staff on the Reynolda Campus that was proposed by Wake Forest President Nathan O. Hatch. He announced the salary recommendation March 2 in letters distributed by e-mail to faculty and staff.
The budget calls for no increase for non-personnel expenses, except utilities and insurances.
The base salary pool for College and Calloway School of Business and Accountancy faculty and staff will rise by 3 percent. In addition, there will be a permanent increase of 7 percent to the faculty salary pool for the College and Calloway School. As a result, new funds available for faculty salaries in those academic units of the university will rise by a total of 10 percent for 2007-2008.
Due to a renewed emphasis on merit salary awards, not every faculty member should expect a certain percentage increase, according to Hatch. Actual increases for faculty will vary.
Staff salary increases beyond the 3 percent pool enlargement will take two forms. Those now working at the minimum rate of $8.50 per hour will receive a 13 percent increase, to $9.62. Furthermore, there will be adjustments for hourly staff based on length of service. More than 500 non-exempt staff will receive increases in their hourly compensation ranging from 4 percent to 13 percent.
Salaries also will rise for faculty and staff in the university’s professional schools. Those increases will be set by their respective deans.
In a previous meeting Feb. 2, the university’s trustees approved new tuition and housing costs. Tuition for undergraduates will rise 6.8 percent, while increases in the graduate and professional schools will range from 3.4 percent to 6.8 percent, depending on the school.