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IU trustees OK $4.2B budget for 2023-24 fiscal year

Indiana University’s Board of Trustees passed a $4.2 billion budget for the next fiscal year.  

That’s about $200 million higher than last year. IU said the increase reflects rising labor costs, but it has kept the budget increase lower through reductions in some areas.  

The new budget includes salary increases of up to three percent for IU employees. Inflation currently stands at four percent.   

Read more: IU strat plan dominates meeting on Bloomington economy

The trustees announced several capital projects including a renovation of Wells Quad, laboratory expansion in Indianapolis and demolition of the Redbud Hill apartments in Bloomington.  

The budget will take effect July 1.  

Want to contact your legislators about an issue that matters to you? Find out how to contact your senators and member of Congress here.

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