UNIVERSITY PARK, Pa. — Penn State’s Board of Trustees committee on Finance, Business and Capital Planning today (May 7) recommended for approval an interim maintenance and operating budget of nearly $4.65 billion. The full board will vote on the recommendation at its meeting on Friday (May 8).
This budget would support 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 University’s Board of Trustees formally approves next year’s actual budget.
Details on the current 2014-15 fiscal plan, which serves as a basis for this interim budget, can be found at http://budget.psu.edu online. The proposed 2015-16 budget plan was presented to Trustees in September last year.
No action on changes in tuition and necessary expense increases — including employee salaries, wages and benefits — will be taken until after the 2015-16 state appropriation is known and the University’s budget plan has been reviewed and approved by the Board of Trustees in July. After receiving and analyzing the final state appropriation figures, the University will develop a specific and final budget for the 2015-16 fiscal year that addresses these and other line items.
The final 2015-16 Penn State budget is scheduled for presentation to the board for approval at its next meeting, scheduled for July 16-17 at Penn State Beaver.