OxfordPress.com

OXFORD — With food costs going up, the Miami University Board of Trustees voted to raise the room and board rate for next school year, university officials announced Friday, Sept. 19.

The rate for a double room and 21-meal plan for the 2009-10 school year will be $9,458, up from $8,998, a 5.11 percent increase. Individual costs will vary depending on housing and meal plans. University officials said they anticipate a 9 percent increase in the cost of food next year.

University officials are hoping that the state allows for tuition increases next year, in part to make up for losses on the financial market.

Departments are cutting expenses to shave about 5 percent from the university's $300 million core budget, after losing about $7 million in investments this year, said Miami University President David Hodge.

"We've got a serious situation here, but it's not dire. We've been fortunate on the market in the last few years," Hodge said.

The university had been getting 9 percent on investment returns in recent years, but ended up with just 2 percent this year; the loss amounted to a $16 million budget reduction, Hodge said.

As 80 percent of the university's revenue comes from students' tuition, Hodge said he's hopeful that the state allows universities to raise tuition by 3 to 4 percent for next school year.

In other news, trustees voted to approve the following resolutions: State recommendations on energy efficiency and conservation guidelines to reduce energy consumption by 20 percent by 2014; Contracts for the central campus water and sewer modification project, not to exceed $1.1 million; and contracts for the central campus electrical modifications project, not to exceed $3.19 million.