The University of Colorado has a new $6.28 billion budget for the upcoming fiscal year. The CU Board of Regents approved the budget for the four-campus system at its June meeting. It represents a 3.5 percent increase over the fiscal year 2023-24.
More than $2.2 billion will go toward instruction and educating students, $1.5 billion will go to clinical health care, and over $1.1 billion to research activities.
The budget also includes salary and benefit increases for faculty and staff at CU’s four campuses and system administration, institutional financial aid for students, past-deferred facility maintenance and campus budget initiatives.
“This budget allows us to keep tuition in check for students and their families while also investing in our faculty and staff,” said CU President Todd Saliman.
Earlier in the year, colleges were bracing for big tuition increases they expected would be coming. University leaders thanked state lawmakers for boosting funding by 9 percent this year – that’s about $30 million more for the University of Colorado, with an additional $5.8 million for financial aid.
“A direct result of that investment from the state is our ability to keep tuition in check,” said chief financial officer Chad Marturano.
Officials were able to limit the tuition hike for new, in-state students to 3 percent. Currently, the average tuition for Colorado residents at CU’s undergraduate schools is nearly $12,000. Out-of-state tuition will increase by 4 percent. Only new students would see an increase. Continuing students have a four-year tuition guarantee that holds their rate. Residence and dining all fees will also increase.
The Board of Regents also approved a 3 percent salary increase for faculty and staff, including classified staff.
Students still pick up most of the cost of their education
In 2001, state support covered two-thirds of the cost at CU with students picking up the other third. Today that’s flipped. State support per CU student has been cut by 40 percent since 2001, but it’s been increasing over the last several years.
CU is the largest university in the state with more than 66,000 students and 7,300 faculty members. It generates a yearly economic impact of $17.2 billion for Colorado and is one of the state’s top five employers.
In other action at the June meeting, the board voted to re-elect Regent Callie Rennison as board chair and Regent Ken Montera as board vice-chair.
