FSU Board of Trustees approves $2.36 billion operating budget for 2022-2023

The Florida State University Board of Trustees on Wednesday approved the university operating budget for the 2022-2023 fiscal year. 

This year’s operating budget of $2.36 billion increased by 9% over last year. 

“This budget will allow Florida State University to advance our top priorities, such as enhancing student success initiatives and hiring and retaining talented faculty and staff,” said FSU President Richard McCullough. “These strategic allocations will benefit our students and the state of Florida and beyond. We appreciate the Florida Legislature for recognizing that FSU is a sound investment and a good steward of taxpayers’ money.” 

While the budget is the largest in university history, Florida State continues to be ranked as one of the most affordable and highest-quality institutions in the nation. The cost of FSU’s tuition has remained unchanged for the past nine years, and the majority of undergraduates — 87% in the academic year 2020-2021 — receive some form of non-loan student financial aid. 

The budget, estimated to be larger than that of 85 countries, includes new state funding for operational enhancements including the management of the State of Florida Data Center, the FAMU-FSU College of Engineering, the Institute of Politics and the National High Magnetic Field Laboratory. 

The 2022-2023 Annual Capital Outlay Budget includes allocations for the College of Business’ Legacy Hall, which is anticipated to break ground this fall, a new Football Operations Facility, a new Interdisciplinary Research and Commercialization building, a new Student Union, and funds to begin planning a new Academic Health Center. The budget also allocates funds for work in life-safety and deferred maintenance of campus facilities.  

The university’s operating budget injects an estimated $12 billion into the local and state economies annually, according to the FSU Center for Economic Forecasting and Analysis. That estimate includes over $4 billion in direct revenue or sales and over $81 million in spending by non-resident students, as well as $8 billion in lifetime earnings by recent (FY19-20) FSU graduates, based on the latest draft of the center’s annual report.