Jeff Cooley will present an overview of the fiscal year 2007 and 2008 budgets at the Board of Trustees meeting on June 26.

The overview for the 2007 budget will explain where the revenue is spent and the overview for the 2008 budget concerns a requested increase.

Fiscal year budgets are important because it allows the university to talk about how it wants to spend the funds, said Jill Nilsen, vice president for External Affairs.

July 1 marks the start of fiscal year 2007, which ends June 30, 2007. An increase of $673,300 was given for the 2007 budget.

It has been five years since the last budget increase even though more money is asked every year, said Cooley, vice president for Business Affairs.

Within his overview, Cooley will describe what the increased budget money will go towards.

The increase of $673,300 will be directly spent on salary increases, he said.

The remaining money will be spent on other needs of the university.

Revenue for the 2007 budget will be spent in areas that include hiring staff, instruction and student and administration support, Cooley said.

As for the 2008 budget, an overview will be given about the request for an increase.

This increase is about 8.4 percent of $7.9 million.

Of the money, about $4.9 million will go towards salary increases, Cooley said.

Money will not just fund salary increases but also projects around campus.

Some money of the 2008 budget will go towards funding for capital projects and construction, Nilsen said.

After the fiscal year 2008 budget is reviewed at the board of trustees meeting it will then move to the Illinois Board of Higher Education.

The Board of Trustees meeting is phase one of several processes, Cooley said.

After the budgets are at the board of higher education, it then moves to a higher authority.

At the IBHE, the 2008 budget will be considered for recommendation to the governor, Nilsen said.

Cooley hopes the board of higher education will approve the increase and find it is necessary.

“We are looking for support,” he said.

Other items on the agenda for the board of trustees meeting include: a progress update on the Banner project and a reading of the revised university mission statement.

This is the third of five meetings the board will have this year.