University of Colorado regents have approved spending $4.7 million more to renovate and expand Folsom Stadium in Boulder.

The Boulder Daily Camera reports the regents approved the additional funding Friday. Planning documents for the project say more money is needed because of "unforeseen cost escalation."

The athletics department will get the money through fundraising, contracts, and the sale of bonds.

The cost of the stadium project has grown higher than what was initially set in December 2013. At the time, the budget was $143 million. The budget is now more than $160 million.

The newspaper reports several construction projects at CU have gone over budget this year. University officials say that's due to high demand for construction crews and inflation.