University Park, Pa. -- The Board of Trustees today (May 16), approved an interim maintenance and operating budget of $3,425,188,000. 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 2007-08 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, salaries and wages, employee benefits or other necessary expense increases will be taken until after the 2008-09 state appropriation is known and the University's budget plan has been reviewed and approved by the Board of Trustees in July. Upon receipt and analysis of the final appropriation figures, the University will develop a specific budget for the 2008-09 fiscal year that addresses these and other financial considerations.
The actual 2008-09 Penn State budget is scheduled for presentation to the board for its approval at its next meeting, scheduled for July 10-11 in Erie.