News
FSU Board of Trustees Approves $3 Billion Operating Budget
The Florida State University Board of Trustees approved a $3 billion operating budget for the 2024-2025 fiscal year, a 14.3% increase over last year and the largest budget in the institution’s history.
“This budget will help us advance our bold agenda and pursue the ambitious goals outlined in our strategic plan,” said President Richard McCullough. “These funds will allow us to create more opportunities for our students, retain and hire exceptional faculty and staff, and make a positive difference in the state of Florida and beyond.”
Although the budget has grown, Florida State has not increased tuition in the last 11 years, and the university remains one of the most affordable and highest-quality institutions in the country. In fact, 86.3% of full-time undergraduate students received some form of non-loan student financial aid during the 2022-2023 academic year.
The budget includes new state funding that the university will use to retain outstanding faculty, staff and graduate students, hire additional prominent research faculty, increase financial aid packages, purchase equipment for new and existing facilities, improve IT infrastructure and continue to grow FSU Health. , an initiative to improve health outcomes in North Florida and beyond.
The 2024-2025 Annual Operating Budget is estimated to be larger than that of 92 foreign countries and includes $519 million for capital projects. The capital outlay budget includes appropriations for Doak Campbell Stadium, the College of Business’ Legacy Hall, a new football operations facility, the FSU Health Academic Health Center and the Interdisciplinary Research and Commercialization Building.
The university’s operating budget annually injects about $15.5 billion into local and state economies, according to FSU’s Center for Economic Forecasting and Analysis. This estimate includes about $5.8 billion in revenue or direct sales and more than $174 million in nonresident student spending, as well as $9.5 billion in lifetime earnings from recent graduates (FY19-20) from FSU, based in the newer downtown Florida State University System. report.