UNIVERSITY PARK, Pa. — The Penn State Board of Trustees Committee on Finance, Business and Capital Planning today (May 5) recommended approval of an interim 2022-23 operating budget of approximately $7.7 billion to support University operations. The full board will vote on the recommendation at its meeting on Friday, May 6.
A final budget for the 2022-23 fiscal year will be submitted at the board’s July meeting.
The interim budget does not include any changes to tuition or employee salaries, wages, benefits or other necessary expense increases, but it does include changes to 2022-23 room and board charges as approved by the Board of Trustees at the February 2022 meeting. Any potential changes to the interim budget will be incorporated into the final 2022-23 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 for 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 2022-23 budget is scheduled to be submitted to the full board for consideration at its next meeting, set for July 20-22 at Penn State York.