The state deficit is large but it won’t hurt NIU too much.

President Peters’ main topic at Wednesday’s University Council’s meeting was the Illinois deficit.

“The fiscal revenue for this year is off about $550 million in deficit,” Peters said.

Peters said the revenue deficit is expected to be even higher for next year.

“Next year’s forecast is expected to approach about $600 million,” he said.

Because of this deficit, the state government asked state universities to hold off 2.5 percent of their revenue budget.

Peters said the Illinois Board of Higher Education’s latest agenda is focusing on several things benefiting students.

“IHBE agenda’s focus is affordability for students, access to university education and economic regrowth,” he said. “And that’s what they’re focusing on over the next several years.”

Peters also went over NIU’s budget.

“$126 million of our total budget comes from local funds, tuition fees, grants, contracts and a few other places,” he said. “Our budget overall is almost $420 million.”

Despite the deficit, NIU seems to be on the right track, Peters said.

“Right now, NIU is in good shape concerning the budget but I don’t know if we can sustain huge cuts without having major issues,” he said

An increase toward Pell Grants is one way the deficit is getting helped out.

“$15.6 million is being added to increase the maximum Pell Grant by $500 from $4,850 to $5,350 for 2009 and 2010,” Peters said. “That’s pretty significant since there are millions of students who use Pell Grants.”

The increased funding will aid up to 800,000 students and help fight the loan deficit.

The federal stimulus package was also brought up during Wednesday’s meeting.

About $39 billion of the package will be going toward education in the U.S. starting in 2010 if approved by the Senate. Peters said $2.7 billion would be going to Illinois.

Also in discussion was Feb. 14 plans. Peters spoke of the day of remembrance and the activities planned throughout the day. Peters said many students have expressed anxiety with the upcoming anniversary, so to combat this, there will be 68 counselors aiding students on Feb. 14, Peters said.

Other items of interest included minor updates on the searches for a new dean for the law school as well as the vice president of graduate studies.