The Montana Board of Regents on Friday approved a $1.2 billion budget for the university system this academic year a 4-percent increase from last year's budget. The regents approved the budget after three days of meetings at Montana State University-Billings. Mick Robinson, the chief fiscal officer for the commissioner of higher education, said the university system might not spend the entire amount budgeted. For example, if the country changes the way student loans are paid, the university system might not spend as much as it has budgeted in that area. Of the $1.2 billion total, about $218 million up 3 percent over last year comes from the state, including funds allocated by the 2009 Legislature and money generated by the six-mill levy that supPorts higher education. The unrestricted operating budget for campuses totals about $455.6 million and reflects a 2-percent increase. The overall budget does not include an across-the-board salary increase for employees, but all employees who earn less than $45,000 a year will receive a one-time, $450 payment this year.