LINCOLN, Neb. (AP) — The University of Nebraska plans to ask lawmakers to approve a 5 percent increase in state aid next year to help pay for key initiatives.

The Board of Regents approved a budget request for $568 million in 2015-2016 and $600 million in 2016-2017.

This coming school year the University of Nebraska will receive $540 million in state tax money. That accounts for roughly 62 percent of NU’s publicly funded $864 million budget.

Interim University President James Linder says the additional funding to support programs that will help keep NU and the state economically competitive.