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.

After a multi-year effort to unionize, Pitt faculty voted in favor of creating a union, with 1,511 faculty members voting in favor and 612 against. Professors opposed to the union reflected on the vote and the upcoming push for a first contract with the University.

The University will receive flat funding next year of $151,507,000, compared to this year’s funding increase of 2%, or about $3.5 million.

Pitt’s budget, and the process to craft it, is full of jargon and specialized terminology. This guide attempts to explain how the annual University budget is put together, as well as the different pieces that compose the budget and endowment.

Pitt schools are preparing for possible budget cuts of as much as 10% for the 2020-21 academic year that would affect Pitt’s education and general budget, which includes all schools except for the School of Medicine, Pitt confirmed Thursday.