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UMinn Has Grand Plans For Surplus $25 Million

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(credit: CBS)

(credit: CBS)

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MINNEAPOLIS (AP) – The University of Minnesota has been budgeted about $25 million more than it was expecting.

Officials are already making plans for the money. They’ll spend some of it on scholarships and faculty hires, and they’ll stash some away for a rainy day.

The university got $545.3 million from the state. That was a 7.8 percent cut, but officials were expecting a steeper cut so they budgeted for $520 million.

University President Eric Kaler tells the St. Paul Pioneer Press it was too late to offer tuition relief this fall. But in the spring, some 13,400 low- and middle-income Minnesota students will get one-time scholarships averaging $310.

The school will also use $4 million to hire science and engineering faculty. It will also hang on to about $6.1 million.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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