University Park Pa. — Penn State's Board of Trustees Friday (May 15) approved an interim maintenance and operating budget of $3,624,807,000. This budget supports all Penn State operations and enterprises throughout the Commonwealth. The University adopts an interim budget each year so that it has an approved fiscal operating plan from the beginning of the fiscal year, July 1, until the next year's actual budget is approved by the University's Board of Trustees.
Details on the current 2008-09 budget, which serves as a basis for this interim budget, can be found online at http://budget.psu.edu.
No action on changes in tuition and necessary expense increases will be taken until after the 2009-10 state appropriation is known and the University's budget plan has been reviewed and approved by the Board of Trustees in July. In view of the economic conditions in the Commonwealth, Penn State has already announced plans to freeze faculty and staff salaries for the coming year and make cuts of about $20 million in its Education and General budgets. After receiving and analyzing the final state appropriation figures, the University will develop a specific budget for the 2009-10 fiscal year that addresses these and other financial considerations.
The actual 2009-10 Penn State budget is scheduled for presentation to the board for its approval at its next meeting, scheduled for July 9-10 at Penn State New Kensington.