MINNEAPOLIS (WCCO) -- The University of Minnesota Board of Regents approved a $4.2 billion budget for the 2020 fiscal year on Wednesday, the university said. The budget increases Twin Cities undergraduate tuition by 2%, or $156 per year for resident students.

Resident undergraduate students at the Crookston, Morris and Rochester campuses will see a tuition increase of 1.5%, or $182 per year, the university said. The budget also provides a 2.25% salary pool for merit-based increases for faculty and staff.

The university says the Board previously approved a 10% nonresident/non-reciprocity tuition increase for Twin Cities students in December. Currently enrolled nonresident students will not see an increase of more than 5.5%.

The university says the budget is a 2.8% increase from the previous fiscal year.