KNOXVILLE (WATE) - The University of Tennessee Board of Trustees approved the 2013-2014 budget, which includes a tuition increase for students and an increase in pay for faculty and staff.
The $1.99 billion budget reflects an 8.8% increase in state funding, which still has not returned to levels seen before the recession.
Included in this year's budget is a 6% increase in tuition for students, which translates to an increase of around $468 per year for students studying in Knoxville.
Faculty and staff members will also receive pay increases for the third time since 2008.
UT President Joe DiPietro will receive a 4.5% pay raise, a salary increase of around $20,000.
UT Knoxville Chancellor Jimmy Cheek's pay will increase 10%, a raise of roughly $39,000.
A portion of state funding will go toward a 1.5 percent across-the-board pay increase. Employees making $40,000 or less will receive $600.
The budget also includes increases for market and merit adjustments determined by each campus and institute.