UNIVERSITY PARK, Pa. — An interim operating budget of nearly $8.5 billion for the 2023-24 fiscal year to support University operations was approved today (May 5) by the Penn State Board of Trustees. The interim budget starts July 1.
A final budget for the 2023-24 fiscal year will be submitted for the board’s consideration at its next meeting, set for July 20-21 at Penn State Behrend.
The interim budget does not include any changes to tuition; employee salaries, wages or benefits; or other necessary expense increases, but it does include changes to 2023-24 room and board charges, as approved by the board in February. The interim budget also does not include funds from state appropriations, which have yet to be finalized as part of the commonwealth’s budget process.
Penn State has traditionally adopted an interim budget so that the University has an approved fiscal operating plan for the start of the fiscal year, which begins on July 1, until the Board of Trustees formally approves the year’s final budget later in the month. This will be the last year that the University will have an interim operating budget, as the board will approve budgets for the next two fiscal years during its July meeting.
In other actions:
- The board approved an extension of the remaining borrowing authority of the current capital plan, which spans fiscal years 2018-19 through 2022-23.
- The board approved a proposal for a $12.52 million hazardous waste facility at the University Park campus. The planned 9,700-gross-square-foot facility will consolidate and expand the campus’ waste facilities and improve handling and short-term storage. The new facilities will handle waste from the University’s various research laboratories and operations, including chemicals, pesticides, recyclable batteries and fluorescent (mercury) light bulbs, among other materials. The project is anticipated to cost $12.52 million and is expected to break ground later this summer.
- The board approved the appointment/reappointment of directors for the Penn State Health board of directors, as well as the appointment/reappointment of directors to the Milton S. Hershey Medical Center board of directors.