Board of Regents approves $5.9 billion budget for CU

2023-24 plan keeps tuition increases in check, invests in faculty and staff
By Staff

The CU Board of Regents on Friday approved a $5.9 billion budget for the CU system’s 2023-24 fiscal year, an increase of 5.1% over the 2022-23 estimated budget.

The budget reflects investments in salary and benefit increases for faculty and staff, institutional financial aid, deferred facility maintenance and campus budget initiatives. Chad Marturano, vice president and chief financial officer, said the budget demonstrates CU’s commitment to high-quality education, research and health care while keeping tuition in check.

Regents voted unanimously to adopt the budget, which Marturano detailed during a presentation at the board’s June 22-23 meeting at CU Boulder.

State leaders earlier this year approved a funding increase to higher education of $118.6 million, or 11.4%, compared to the previous year; CU’s share is $32 million, an increase of 11.2%. Direct state funding accounts for 5.8% of CU’s total budget.

As approved by the Board of Regents in April, resident undergraduate tuition will rise 4% at CU Anschutz and CU Boulder (for new students; continuing students see no increase); 5% at UCCS and CU Denver. Enrollment forecasts for the coming year show slight increases at CU Boulder (+0.5%) and CU Anschutz (+2.1%), with slight decreases at UCCS (-0.1%) and CU Denver (-2.7%).

The board in April also approved proposed compensation for employees across the system. Compensation for classified staff across the system will increase 5.0%, adhering to the state requirement. Merit pools between 3.5% and 4.0% will apply to all other faculty and staff, varying by campus, with additional pools for salary compression, retention and equity at some campuses ranging from 0.0% to 4.0%. All campuses also will increase minimum wage rates for staff and students.

Video: How does CU’s budget work

In other business last week, the Board of Regents formally recognized three CU Distinguished Professors. Distinguished Professors Rob Davis and Jean Kutner were on hand to receive their awards; Distinguished Professor Dorothea Olkwoski was unable to attend in person but appeared via video recording. The other six members of the most recent cohort of Distinguished Professors were honored by the board in April.

Board of Regents approves $5.9 billion budget for CU
The Board of Regents on June 22 formally recognized three CU Distinguished Professors, two of whom were present to receive their awards. From left, Regents Ken Montera, Wanda James, Glen Gallegos and Lesley Smith; Distinguished Professors Rob Davis and Jean Kutner; President Todd Saliman; and Regents Frank McNulty, Callie Rennison, Nolbert Chavez, Mark VanDriel and Ilana Spiegel. Distinguished Professor Dorothea Olkwoski was unable to attend but appeared via video.

The board presented resolutions of appreciation to shared governance leaders whose terms are ending: Faculty Council Chair Cindy O’Bryant and Intercampus Student Forum Chair Axel Brown and Co-Chair Aidan Clark.

The board meeting also featured a presentation on CU Boulder’s startup ecosystem. Read more in CU Boulder Today.

The board next meets for its summer retreat, set for July 12-14 in Bailey.