Florida State University will receive about $109 million in new recurring operational support along with new funding for several capital projects from the Florida Legislature in the upcoming fiscal year, allowing FSU to further its mission as one of the top public universities in the nation.
The Florida Legislature approved the 2023-2024 state budget in early May, and Gov. Ron DeSantis signed the spending plan on Thursday morning. Separately on Thursday, the Florida State University Board of Trustees approved the largest operating budget in university history during their regularly scheduled June meeting.
“Florida State University is laser-focused on reaching our strategic goals — expanding our research portfolio, recruiting and retaining excellent faculty, staff and graduate students, transforming health care in North Florida and continuing to rise in the national rankings,” said President Richard McCullough. “This state funding will be critical as we continue to make investments to advance our top priorities. We are grateful to the Florida Legislature and Gov. DeSantis for recognizing the amazing work happening across our university and the outstanding return-on-investment that FSU provides to our students, the people of Florida and our nation.”
FSU will receive $60.7 million in new recurring operational enhancement funding that it plans to invest in bolstering research and academic excellence, ensuring student success and expanding its FSU Health initiative as it aims to transform health care in North Florida and beyond.
In addition, the state appropriated $100 million in new recurring Preeminence funding, which will be split equally between FSU and Florida’s other preeminent universities. The Legislature also increased State University System Performance-based funding for the first time since 2018, and FSU is estimated to receive an additional $15 million over the current year’s total.
The new state budget also includes:
- $20 million (NR) in operational enhancement for National High Magnetic Field Laboratory research
- $8 million (NR) for the Florida Institute for Governance and Civics (formerly Institute of Politics)
- $1 million (NR) for the Institute for Pediatric Rare Diseases
- $1 million (NR) for the College of Law Elections Program
The state funded several of FSU’s capital appropriation requests, highlighted by $40 million to renovate and redesign research space in the Dittmer Chemistry Lab Building; $30 million toward demolition and relocation of FSU’s 45-year-old maintenance complex; and $10 million in funding toward planning and initial construction of the Veterans Legacy Complex, a project that will better address the unique veteran and military students’ special needs.
The Legislature also appropriated $20 million in funding for planning and construction of new space for FAMU-FSU College of Engineering Building C, which is needed to accommodate the projected growth of the college’s enrollment and research expansion.
The university also received $1.5 million for planning and construction of a building that will serve as the cornerstone of an innovative FSU Arts District. The building will provide high-quality space for multiple colleges and departments and create a centralized source of cultural and economic growth for the community.
Other capital outlay projects that received funding were $4 million for FSU Health – Panama City and $2.3 million for Kellogg Research Building renovations.
“The Governor, Speaker Paul Renner and Senate President Kathleen Passidomo have put a record amount of funding into the State University System this year and have clearly stated their commitment to higher education in Florida,” said FSU Board of Trustees Chair Peter Collins. “They have also clearly shown their commitment to Florida State University continuing to be one of the top public universities in the country. The Board of Trustees and President McCullough are aligned on the university’s priorities, and we are looking forward to the positive changes that this new funding will allow.”
BOT Approves Largest Operating Budget in FSU History
Also on Thursday, the Florida State University Board of Trustees approved the university operating budget for the 2023-2024 fiscal year during their June meeting.
This year’s operating budget of $2.62 billion is an overall increase of 11%.
While the operating 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 10 years, and the majority of full-time undergraduates — 87% in the academic year 2021-2022 — receive some form of non-loan student financial aid.
The operating budget includes new state funding for operational enhancements that FSU plans to invest in increasing research and academic excellence, ensuring student success and expanding its FSU Health initiative as it aims to transform health care in North Florida and beyond.
The 2023-2024 Annual Operating Budget, estimated to be larger than that of 86 foreign countries, includes allocations for the College of Business’ Legacy Hall, a new Interdisciplinary Research and Commercialization Building, a new Academic Health Center, Athletic Enhancements, Research Facility Upgrades, and a new Football Operations Facility.
The university’s operating budget injects an estimated $13.7 billion into the local and state economies annually, according to the FSU Center for Economic Forecasting and Analysis. That estimate includes about $4.3 billion in direct revenue or sales and over $178 million in spending by non-resident students, as well as $9.2 billion in lifetime earnings (in 2023 dollars) by recent (FY19-20) FSU graduates, based on the latest draft of the center’s annual report.