“We have in our budget a modest increase for faculty and staff, but we make a lot of money, and we wanted people to see that we’re not going to have a salary increase.”

University faculty will see an average 2.5-percent salary increase while University staff will see an average 2-percent salary increase.

Coleman said this year’s budget was constructed on the premise that the University would “emerge as a stronger institution.”

But she said financial difficulties are not over.

“We are not out of the woods,” Coleman said. “We anticipate more budget challenges in the near future, but we are confident in the institution’s ability to move forward.”

— Daily News Editor Stephanie Steinberg contributed to this report.