The Board of Regents last week approved a $5.21 billion budget for the 2021-22 fiscal year.
The systemwide total, voted on during the June 17 board meeting, reflects an 8% increase over the pre-pandemic (2019-20) budget of $4.82 billion.
The coming year’s budget breakdown by campus:
- CU Anschutz, $2.5 billion
- CU Boulder, $2.0 billion
- CU Denver, $361.8 million
- UCCS, $336.7 million
- System administration, $212.4 million
The budget includes a state funding increase of $19.1 million, or 7.9% up from 2019-20 levels.
At its April meeting, the board voted to approve recommendations on tuition, compensation and fees for the 2021-22 fiscal year. This included an effective 0% tuition rate change for continuing undergraduate students after a one-time tuition buydown in the upcoming year.
A summary of the budget proposal was presented by Todd Saliman, senior vice president for strategy, government relations and chief financial officer in system administration at CU. He will begin serving as interim president July 1.
Regents last week also took action in anticipation of expected revenue gaps beginning in FY 2022-23.
The board approved a four-tiered undergraduate tuition structure at CU Boulder, aimed at more closely aligning tuition rates with the associated costs of instruction within majors. The board also authorized a plan to raise CU Boulder resident tuition and mandatory fees for incoming cohorts by $500 each year for the next three years, beginning in fall 2022. Once a student begins at any given tuition rate, CU Boulder’s four-year tuition guarantee will mean no increases beyond the initial $500.
These and other changes as approved – including the consolidation of mandatory fees with tuition at CU Denver and UCCS to increase transparency in cost, and increased flexibility on funding for the CU Denver Engineering Building and UCCS Engineering Building renovation – ultimately will require the approval next year of Colorado’s Legislature. CU always will balance its budget. These actions paired with other strategies will ensure CU is successful in fulfilling the university’s mission and meeting the needs of its students, families, faculty, staff and community.
In other business at last week’s board meeting, held remotely (a video recording is available here):
- The board chose its leadership for the coming year. Regent Jack Kroll, D-Denver, will serve as board chair, while Regent Sue Sharkey, R-Castle Rock, will be vice chair.
- President Mark Kennedy presented the systemwide strategic plan. Read more here.
- President Kennedy was honored with a resolution of appreciation from the Board of Regents, which also bestowed upon him the title President Emeritus. “It has been a true honor and privilege to serve as president of this remarkable institution,” said Kennedy, who is transitioning out of the presidency effective July 1.
- The board voted against a resolution that would have reversed CU’s requirement that all faculty, staff and students be vaccinated against COVID-19 before the fall semester. The measure failed 6-3, with votes of support from Regent Chance Hill, who introduced the resolution, and Regents Heidi Ganahl and Sue Sharkey.