The University of Arkansas board of trustees gave final approval Thursday to tuition-and-fee rates for the 2018-19 academic year, keeping tuition flat for in-state students at four-year universities while raising mandatory fees.
The average year-over-year increase at the five four-year universities in the UA System will be $325.30 for a student taking a typical 30-hour course load, based on an Arkansas Democrat-Gazette analysis of board documents. The rates do not include other costs, like housing or books.
The seven community colleges in the UA System will see tuition rise no more than 2.1 percent, UA System President Donald Bobbitt told trustees. The average rate increase at these schools will be $142.41 based on a similar analysis.
Gov. Asa Hutchinson in January asked public universities to hold the line on tuition increases and for public two-year schools to raise tuition no more than rises in the consumer price index.
Hutchinson, in making his request, noted increases in higher-education funding. State lawmakers in March as part of budget legislation approved $9.4 million in extra dollars to go with implementation of a new formula for funding based in part on the number of degrees and other credentials earned by students.
$32M bond issue OK'd after debate
Trustees approved a $32 million bond issue to help pay for UA construction projects, but only after a discussion of more than 25 minutes on the selection of the firm underwriting the bonds.
The bonds, to be repaid over 30 years, will help pay for projects such as a renovation to the main campus library and construction of a new Student Success Center.
A financial adviser to the Fayetteville campus, PFM Inc., recommended that New York-based JPMorgan Chase be awarded the bid "based upon overall response, fee proposal and understanding of the Board's desire to rotate and spread the underwriting business" among a pool of firms, according to a letter.
"We're talking about 19,000 bucks, aren't we?" said Cliff Gibson, a trustee and attorney from Monticello, describing the financial difference between proposals. He favored considering in-state ties while Trustee John Goodson spoke about how Arkansas firms should bid lower if they want university business, as other trustees also weighed in on aspects of the debate.
The board approved the selection of Arkansas firms Crews & Associates Inc. and Stephens Inc., but also separately asked UA System President Donald Bobbitt to work with university finance leaders to study the process by which underwriters are selected.
Metro on 05/25/2018