Largest budget in FSU history: $2.62 billion includes faculty raises, new buildings

Florida State University’s Board of Trustees approved a $2.62 billion operating budget for the 2023-2024 fiscal year — the largest amount in the university’s history.

The record-breaking budget is an increase of 11% from last year, where the annual budget was $2.36 billion and a 9% increase from the year prior’s $2.17 budget.

While many factors contribute to the increase, the top spending categories included salary and capital projects, according to a report presented by Senior Vice President for Finance and Administration Kyle Clark during the trustees meeting late last week.

Budget includes pay raises for faculty

Although the projected salary changes within the budget have not been signed off yet by FSU President Richard McCullough, a Friday release from the university’s chapter of the United Faculty of Florida (UFF) laid out the terms that they expect to be implemented in the 2023-2024 academic school year following their collective bargaining sessions.

The salary terms include a 4.20% salary increase for faculty across the board, plus a .75% merit increase decided by departments and a .30% merit increase decided by deans.

This year’s changes show an increase from last year's 4% salary increase across the board while there was a decrease from the .50% merit increase decided by deans. The .75% merit increase decided by departments remained the same.

During the board’s meeting Thursday, McCullough said the faculty union’s collaboration during the pre-meetings and sessions were “very helpful.”

“We had frank and open discussions about what we wanted to try to accomplish with each other, and I felt that they did a good job of meeting the administration halfway on this,” McCullough said. “We're all on the same team here.”

Collective bargaining for the UFF’s Graduate Assistants, however, is still ongoing.

Tuition stays the same for now, but a hike appears on the horizon

In addition, the budget does not call for an increase in tuition as the cost remains unchanged for the 10th year.

But Board of Trustees Chair Peter Collins believes the cost should increase in the future as efforts are being made for FSU to improve as a university.

“It wouldn't be raising fees for the sake of raising fees — it's to pay for things that we're doing," Collins said, “especially in the case where we have these fees that haven't been touched in 10 years. I think it's a big deal to us.”

Currently, the in-state tuition rates on FSU’s main campus are $215 per credit hour for undergraduate students and $479 for graduate students.

The out-of-state tuition cost is $721 per hour for undergraduate students and $1,110 per credit hour for graduates, which could potentially change in the long run following the Board of Governors' decision to make the increase of tuition and fees for students outside of Florida a new priority.

Other FSU news: Passed over by Association of American Universities: A goal for decades, FSU wasn't invited

Related news: Cost increase for out-of-state tuition at Florida universities a 'new priority,' says BOG chair

New buildings will change campus skyline

Regarding capital projects in this year’s budget, some of the highlights include a $40 million allocation for the College of Business’ Legacy Hall that broke ground in October, $35 million for a new Interdisciplinary Research & Commercialization Building and $25 million for FSU’s Academic Health Center that is in the works along with Tallahassee Memorial HealthCare.

On the athletic side of things, $20 million from the budget will be used for the Dunlap Football Operations Facility, $15 million will go toward Doak Campbell Stadium seating enhancements and $10 million will be for the stadium’s Blueprint Project to make accessibility and safety repairs to the 71-year-old Doak Campbell Stadium.  The ongoing initiative has led to concerns and debates about how Blueprint sales tax dollars should be spent.

Following the operating budget’s approval from the university’s board, it will be submitted to the Board of Governors in August before they vote on its approval in September, according to a timeline presented during the Thursday meeting.

Contact Tarah Jean at tjean@tallahassee.com or follow her on twitter @tarahjean_.

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This article originally appeared on Tallahassee Democrat: Florida State University approves record $2.62 billion budget