The revised budget plan comes after an increase in state funding, the university said, adding that it keeps the student service fee at its current level and reduces tuition by $60.
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The tuition reduction will go from $11,502 annually to $11,442 annually.
"Oh, wow, that's not a lot," student Diane Hernandez said.
The decrease won't be enough to put a dent in the finances of incoming freshman Linely Cardenas, either.
"$60 is nothing to drop tuition," she said. "Yeah, it's something. But it's not going to make a big difference."
The student services fee will remain at $1,128 a year.
The regents were asked to approve a revision that reflects increases in state support for the UC system due to the Budget Act of 2018 and related bills signed into law.
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State support for the university's operating expenses will increase by $98.1 million, a 2.9 percent increase over the university's 2017-18 permanent base budget.
The budget also provides the UC system with "temporary, one-time General Fund appropriations totaling $248.8 million, including $105 million for general University needs and $35 million for deferred maintenance."