FY ’24 budget raises minimum student wage, adds $3.5M in financial aid, invests $77M in efficiency


The UofL Board of Trustees on Thursday, June 22, approved a budget that supports students, faculty and staff while ensuring the university’s financial stability, protecting its assets and preparing for future growth.

Tied to UofL’s strategic plan, the FY 2023-24 budget is $1.65 billion — the largest operating budget in the university’s history. It includes a number of key initiatives.

For students, the budget:
• includes an undergraduate resident tuition rate increase of 2.5 percent, below the 3 percent cap imposed by the Council on Postsecondary Education;
• adds $3.5 million in institutional financial aid to support affordability for students and their families;
• increases the graduate stipend pool by $600,000 to help attract and retain outstanding students;
• invests in more student mental health services, supported by an SGA-approved request to increase the Student Services Fee by $15 per semester per full-time student. This is offset by the elimination of the current university facility fee of the same amount;
• raises the student minimum wage to $15 per hour so more students can work on campus while working toward their degree.

UofL faculty and staff will benefit from:
• a 2 percent cost of living (COLA) increase for eligible regular full-time and part-time faculty and staff on July 1, bringing total COLA increases to 6.5 percent over the past two years;
• a $5 million pool to implement Phase 1 of the university’s Compensation and Total Rewards Study;
• no increase in parking permit rates, as well as continued full tuition remission benefits for eligible employees and their dependents.

Other highlights include:
• almost $77 million in state support for asset preservation, including replacement of HVAC systems, roof repairs and other improvements to aging buildings;
• continued investment in the university’s website, which serves as the front door to prospective students and the community and provides key services and information to current students, faculty and staff;
• state funding for the construction of a new engineering building, which will begin in spring 2024.

More information on the 2023-24 budget is available on the Office of Finance website.

“This is a budget of which we all should be proud,” said President Kim Schatzel. “Thank you to our Budget Office staff, who built this responsible, impactful plan. Thanks also to our faculty and staff for your hard work on behalf of the university. And to our students, I cannot thank you enough for being part of the Cardinal Family.”

Source: FY ’24 budget includes funding to support students, faculty and staff (UofL News, June 22, 2023)