The Board of Regents today approved a $5.52 billion budget for the 2022-23 fiscal year. The systemwide total reflects a 3.2% increase over CU’s budget for the current year.
As presented at today’s board meeting at CU Boulder by Chad Marturano, acting chief financial officer for the CU system, the budget includes a 3% across-the-board compensation increase for classified staff and a 3% merit pool for faculty and non-classified staff, approved by the board in April, and makes investments in institutional financial aid, deferred maintenance in facilities, campus budget initiatives and advancing the systemwide strategic plan.
Undergraduate resident tuition increases at UCCS, CU Denver and CU Anschutz are limited to 2%. The board previously approved CU Boulder’s rates in June 2021; the campus provides a four-year tuition guarantee, which allows undergraduate students and their families to count on the same rate of tuition and mandatory fees for four consecutive years. Incoming students at CU Boulder will see a 2.3% combined tuition and mandatory fee increase. Because of the elimination of a capital construction fee, continuing students will see a decrease in combined tuition and mandatory fees.
Campus forecasts have enrollment next year rising at CU Boulder (up 2.2%) and CU Anschutz (up 2.8%) while dipping at UCCS (down 1.8%) and CU Denver (down 1.3%).
The investments in CU faculty and staff and smaller tuition increases were made possible by support from the state for an 11.4% increase – or $105.3 million – in overall higher education funding next year.
Capital construction funding from the state will boost CU Boulder’s renovation of the Hellems Arts & Sciences Building, the CU Anschutz Health Sciences Building and controlled maintenance projects at all four campuses.
“We thank the state policy makers for their support and crucial investment in CU’s priorities,” said President Todd Saliman.
“The budget we approved keeps tuition in check while still providing funding for strategic initiatives and the advancement of CU’s mission to provide the best in education, research, public service and health care,” said Board Chair Jack Kroll. “This plan also invests in our faculty and staff, the people who are vital to carrying out that mission.”
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