UIUC Updates

The University of Illinois Board of Trustees met this week about a range of budget issues and expansion of the area UI Research Park. From the News-Gazette Thursday:

UI to spend $4B over next 10 years on building, maintenance projects
The University of Illinois plans to ramp up annual spending on building and maintenance projects by 25 percent as part of a new long-range capital planning program.

For the first time, the university is setting an annual target of $400 million for everything from building repairs and remodeling to new classroom buildings and research facilities.

The UI identified more than 500 projects that need to be completed in the next five to 10 years, then prioritized that list based on enrollment projections and course demand, student needs, research requirements and other factors...

Also on Thursday, trustees approved:

— The appointment of William Sanders, head of the Department of Electrical and Computer engineering in Urbana, as interim director of DPI.

— Appointments for two deans: Art and design Professor Kevin Hamilton for the College of Fine and Applied Arts, and political science Professor Tracy Sulkin for the College of Media.

— A new long-term master plan for the UI Research Park that would allow for another 1.5 million square feet of offices, labs, light industrial buildings, retail and housing development and entertainment or athletic facilities.

— A $6.83 billion operating budget, up 4.6 percent from last year thanks to increases in state funding, tuition income and gifts.

More details and information at the full article here. More background information at the article previewing the meeting and agenda here. There was also a recent economic impact study on the University of Illinois System, with local campus breakdowns:

Hardy said the new study, based on data from the fiscal year that ended June 30, also includes a breakdown of the economic impact of three UI campuses.

The Urbana campus contributes $8.9 billion to the state's economy, or about 1.1 percent, more than the state's arts, entertainment and recreation industry, the study said. It also supports 88,357 jobs.

Those totals are higher than the other two campuses — $7.6 billion and 73,500 jobs for Chicago, and $834 million and 8,100 jobs for the much smaller Springfield campus.

But students in Chicago and Springfield saw a higher rate of return on their investment.

For every dollar that Urbana students put into their education, they receive $4.70 in career earnings — a 14.5 percent annual return. The average bachelor's degree graduate will earn $30,800 more annually than a high school graduate, netting about $1.4 million more in career earnings.

Full article here, including criticisms of economic study methodology and what meaning it may or may not have.