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The Daily Tar Heel

UNC Board of Trustees finance committee talks all funds budget, campus renovations

DTH Photo Illustration. The back entrance of South Building and the Old Well are pictured on Thursday, Jan. 6, 2022.

The UNC Board of Trustees' Budget, Finance and Infrastructure Committee discussed the University's first all funds budget Wednesday.

Initially approved by the Board of Governors in the fall, the plans aim to increase revenue and expenditure transparency.

One focus of the plan will be faculty and staff recruitment and retention, Nate Knuffman, chief financial officer and vice chancellor for finance and operations, said. The all funds budget will work to promote pay equity for employees.

The committee also reviewed campus renovation projects, such as upcoming renovations at UNC's athletic facilities, and new University property acquisitions.

"This budget is balanced because we found it puts funding toward our top priorities, and it's a big jump for transparency for the University," Knuffman said.

What’s new?

  • Knuffman presented the all funds budget.
    • “While there may be some individual parts of the budget that are up for certainly questioning and healthy discussion, from my vantage point, the victory here is having a budget,” BOT Chairperson David Boliek said.
    • Prior to spring 2019, the University based its budget on past spending, Boliek said. 
    • Knuffman said the all funds budget will support both the University and the state of North Carolina.
    • “When I think about the big picture, I think this budget is fiscally balanced,” Knuffman said. "We're putting money toward our top priorities. We're mindful of what North Carolina needs from us."
    • The three themes of the all funds budget are: "Support Carolina's Excellence," "Invest in NC's Future" and "Fiscal Responsibility."
  • The committee approved the next steps for several renovation projects, including: 
    • Advance planning spending authority for a new fire alarm system in the Dental Science Complex, which includes Brauer Hall, the First Dental Building, Tarrson Hall and the Koury Oral Health Sciences Building.
    • Advance planning spending authority for a renovation to Baity Lab to create more research space.
    • Selection of designers for a renovation to replace central mechanized systems — including heat, ventilation and air conditioning — in Phillips Hall.
    • Selection of designers for a renovation replacing air handling units in Wilson Library and installing fire suppression and alarm systems.
    • Site approval for the second phase of renovations at Finley Golf Course, including a new building to house locker rooms, a training room, an equipment room and meeting rooms, among other amenities. 
    • Site approval for the second phase of renovations of the Cone-Kenfield Tennis Center, including adding a new building and making renovations to the old building.
    • The purchase of two properties: one in Kannapolis for the UNC Nutrition Research Institute, and one in Chapel Hill for the UNC Innovation Hub. 
      • The new UNC Innovation Hub will be on East Rosemary Street behind the CVS on Franklin Street. This space will have spaces for startups and established companies to work with students, faculty and researchers.
      • “We've been in that category of things we've been talking about for a long time,” Chancellor Kevin Guskiewicz said. “... This is the beginning of something really special.”

What’s next?

  • The BOG will review the all funds budget on May 25.