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University of Illinois trustee have approved a proposed $5 billion budget for the school's three campuses.

The Board of Trustees on Friday approved the budget, which is a 5% increase from fiscal year 2011. It includes $693 million in state money and $939 million from the University Income Fund, which is largely tuition money. The budget would fund campuses in Urbana-Champaign, Chicago and Springfield.

The university system has been undertaking cost-saving measures since 2009 and the budget includes a savings of $26 million because of those efforts. Trustees also looked ahead to the 2013 fiscal year and approved a budget request for an additional $83 million in state funding. That request will be submitted for consideration from the Illinois Board of Higher Education.

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