Increases in the minimum wage will increase the cost of doing business for South Dakota's public universities. The Board of Regents include in their December 2–4 agenda this summary of the fiscal impacts of the indexed increase to $8.50 that we South Dakotans approved at the polls this month, as well as the smaller (the Regents say "minimal") impact of the President's order that workers on federal contracts get a minimum of $10.10 an hour.
Complying with Initiated Measure 18 and Executive Order 13658 will cost our public universities $970,000 for the first full year. (Note that half that cost will be split halfsies between FY2015 and FY2016.) Students will bear 37% of that cost; taxpayers will bear 63%. Notice that Uncle Sam will cover about a third of the taxpayer cost and over a fifth of the total cost.
The total cost of paying a higher minimum wage on campus will be 0.12% of the Regents' current $793-million operating budget. The same money could hire 11 full professors. It would pay for just 40% of the $2.4 million the SDSU Foundation is spending to build President Chicoine a new house and meeting center across from Woodbine Cottage.
Seems like a small price to pay for people being able to take better care of themselves and their families.
Part of the students education becomes that it is right to pay fair wages. Very important.
Any thing on crony Mike Rounds happening
Lots, Moses. Lots indeed.