- Associated Press - Friday, June 3, 2016

LOUISVILLE, Ky. (AP) - The University of Louisville finance committee has blocked a proposed 5 percent tuition hike for students that would have raised costs for in-state residents by $526 a year.

Three trustees - Craig Greenberg, Stephen Campbell and Jonathan Blue - blocked a vote on the proposal Thursday night following a debate, news media outlets reported. The move forces President James Ramsey’s staff to come up with a different budget proposal for the fiscal year that begins July 1.

The full board normally approves the budget by June 30.

“We can’t keep funding the university on the back of the students,” Greenberg said.

The university should avoid the tuition increase, Greenberg said, by using some of the $38 million that the university loaned last year to the University of Louisville Foundation. Under the deal approved last July, the foundation’s real estate unit can use the $38 million for up to three years for road projects and acquiring property, while paying interest of 1 percent.

Greenberg challenged the transfer, calling panel chairman Ron Butt and allied trustees “masters of obfuscation.”

Ramsey defended the transfer of the money to the foundation, saying it was a “cash management strategy” and “just a way to get the highest return we can.”

Butt said after the meeting that opponents to the tuition hike were “grandstanding” on behalf of a “private agenda.”

Ramsey sent an email to the university community late Thursday saying that because the school’s state money will decline by $6.26 million, it will be hard to make a budget without a tuition increase.

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