IU’s Board of Trustees approved a budget of $4.2 billion for the 2023-24 fiscal year during their meeting on June 15-16. This is approximately $200 million more than last year’s operating budget of $4 billion, according to Indiana Public Media.
The new budget will allow for up to a three percent raise in salaries for IU employees, which is the highest increase in wages at IU in at least the past five years. The increase in wages has averaged 1.5% each year, according to Inside Indiana Business. However, during the 2020-21 fiscal year, IU staff did not receive a university-wide increase in salary due to the COVID-19 pandemic, according to an IU press release.
“IU’s operating budget will support our ambitious vision as we implement IU 2030, our seven-year strategic plan,” IU President Pamela Whitten said in the IU press release.
The IU 2030 Strategic Plan is a seven-year plan aiming to improve IU’s impact on the community. This includes expanding university engagement outside of the state, providing more opportunities to enrolled and potential students and finding more resources to support creative and research opportunities.
“Through the careful stewardship of IU’s resources and continued investment from the state, we will continue to support academic programs and research that transform our students and strengthen our communities,” Whitten said in the IU budget press release.
The budget will include reductions in general and administrative expenses, which has already been reduced by $70 million from the last fiscal year, according to a 2023 IU budget presentation. IU will provide more funding to accommodate the increase in expenses for labor, services and fixed costs. Additionally, more funding for academic and research programs is included in the recent budget.
The Board of Trustees also announced several new projects including the renovation of Wells Quad, the demolition of Redbud Hill apartments in Bloomington and laboratory expansion at their campus in Indianapolis.
The budget is expected to go into effect July 1.