Oklahoma State University delays faculty pay raises

(Information from: The Oklahoman, http://www.newsok.com)
STILLWATER, Okla. (AP) – Faculty and staff at Oklahoma State University will have to wait for performance-based pay raises after low enrollment numbers resulted in a budget shortfall.
The Oklahoman reports that university officials announced Monday that the school will need to postpone the 2.5 percent merit-based pay raise program, which was scheduled to take effect January 1st.
Joe Weaver, the university’s senior vice president of administration and finance, says a nearly 2 percent drop in enrollment has cost the university about $5 million in tuition and fees. He says graduation rates among fourth- and fifth-year seniors improved more quickly than university officials expected.
Weaver further states that university officials remain hopeful that the school can implement the pay raise program for the next fiscal year, beginning July 1st.