UNIVERSITY PARK, Pa. — The Penn State Board of Trustees Committee on Finance, Business and Capital Planning today (May 6) advanced a proposed interim operating budget of approximately $6.9 billion to support all University operations. The proposal goes to the full board for consideration on May 7.
A final budget for the 2021-22 fiscal year will be submitted at the board’s upcoming July meeting.
The interim budget does not include any changes to tuition or employee salaries, wages, benefits or other necessary expense increases. Any potential changes to these figures will be incorporated into the final 2021-22 budget, which will include funds from state appropriations that have yet to be finalized as part of the commonwealth’s budget process.
Each year, Penn State adopts an interim budget to ensure the University has an approved fiscal operating plan from the start of the fiscal year, which begins on July 1, until the Board of Trustees formally approves the year’s finalized budget.
The final 2021-22 budget is scheduled to be submitted to the full board for consideration at its next meeting, to be held virtually from July 15-16.