Trustees committee approves interim 2020-21 budget

UNIVERSITY PARK, Pa. – The Penn State Board of Trustees Committee on Finance, Business and Capital Planning today (May 7) approved a proposed interim budget of approximately $6.8 billion to support University operations. The proposal goes to the full board for consideration on May 8.

A final budget for the 2020-21 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 or benefits, or other expense increases. Potential changes will be included in the finalized 2020-21 budget, which will include funds from state appropriations as part of the commonwealth’s budget process. Penn State President Eric J. Barron has already announced that pending approval by the Board of Trustees, the University does not plan to impose tuition increases for the next academic year, recognizing the challenging current and future circumstances that student and families may face. 

Each year, the University adopts an interim budget to ensure Penn State has an approved fiscal operating plan from the start of the fiscal year, which starts on July 1, until the Board of Trustees formally approves the year’s finalized budget.

The final 2020-21 budget is scheduled to be submitted to the full board for consideration at its next meet on July 16-17. 

Last Updated May 07, 2020