The budget and executive committees of the Board of Trustees held a virtual meeting on Thursday to discuss the annual operating and capital budgets for the 2023 fiscal year, as well as tuition increases for the upcoming 2022-2023 academic year. In-state students at the Pittsburgh campus will see a 3.5% increase, while out-of-state students will see a 5.5% increase, according to Hari Sastry, Pitt’s senior vice chancellor and chief financial officer.
Sastry said the operating budget for the 2022-2023 fiscal year is set at $2.7 billion, which is a 5.8% increase from last year’s budget of $2.6 billion. According to Sastry, the budget is meant to help strengthen research, recruiting “high caliber” students, enhancing diversity, supporting sustainability initiatives and other Plan for Pitt initiatives. He said the budget also includes 4.25% of the funds set aside for pay raises for faculty and staff, as many did not receive salary increases throughout the pandemic.
Gallagher later announced both the annual budgets and increased tuition rates in a University wide email update.
During the meeting Sastry also thanked state leaders for maintaining the annual budget appropriations for Pitt.
“We are grateful to our leaders in Harrisburg for maintaining their investment in the future of our commonwealth, as these funds are specifically used to provide tuition discounts for Pennsylvania students,” Sastry said.
Sastry said the projected research budget will reach $1 billion for the first time in Pitt’s history. He said this will “strengthen” Pitt’s position as a leader in research.
The capital budget is set at $667.1 million, according to Sastry. He said the funds will support several ongoing projects to preserve current campus buildings, and it will help support “new initiatives” such as health science programs.
Housing costs will also increase by 4.6% to 4.9% for the Pittsburgh campus and 5% to 6% on regional campuses, according to Sastry. He said dining costs will increase at an average of 4% for Pittsburgh campus students and between 4.3% to 5% for regional campus students.
According to Sastry, students in the school of computing and information will also see rates rise an additional 2%. All undergraduate students in the Swanson school of engineering – both in and out of state – will see a 3.5% increase. On regional campuses, Sastry said both in and out of state students will see a 2% increase.
The resolution was approved by the budget committee with only one abstention.
The resolution was unanimously approved by the executive committee.
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