UPDATE: Report shows UW tuition surplus - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

UPDATE: Report shows UW tuition surplus

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MADISON  (WKOW) -- The University of Wisconsin System finished fiscal year 2012 with a big tuition surplus, according to a new report.

The Legislative Fiscal Bureau says it had $650 million in reserve, including $414 million in surplus tuition money.

The report shows base tuition has gone up 5.5% each year since 2009.

Republican legislative leaders are questioning how the system could raise tuition in light of the surplus.

The UW says the majority of the cash balances are restricted or committed for specific purposes.

It also says data published in the report shows that only about $207 million of UW's cash balances are unrestricted or uncommitted.

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MADISON  (WKOW) -- The University of Wisconsin could see a reduction in tuition increases over the next two years according to the UW System's president.

In Gov. Scott Walker's 2013-2015 budget the system would receive an additional $181.3 million dollars. System President Kevin Reilly issued a statement Friday saying that would enable him to recommend the Board of Regents limit tuition increases to 2 percent in each year of the biennium.

According to the Legislative Fiscal Bureau, tuition at most system schools has risen around 6 percent to 6.5 percent annually since 2009.  As for UW-Madison, they have averaged around 8 percent annually.

Reilly plans to also recommend the regents reallocate up to $30 million over the biennium to eliminate a financial aid waiting list.

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