The Florida State University Board of Trustees approved a $3 billion operating budget for the 2024-2025 fiscal year, a 14.3% increase from last year and the largest budget in the institution’s history.
“This budget will help us advance our bold agenda and pursue the ambitious goals outlined in our strategic plan,” said President Richard McCullough. “These funds will allow us to create more opportunities for our students, retain and hire outstanding faculty and staff, and make a positive difference in the state of Florida and beyond.”
While the budget has grown, Florida State has not raised the price of tuition for the past 11 years, and the university remains one of the nation’s most affordable and highest-quality institutions. In fact, 86.3% of full-time undergraduates received some form of non-loan student financial aid during the 2022-2023 academic year.
The budget includes new state funding that the university will use to retain outstanding faculty, staff and graduate students, hire additional preeminent research faculty, boost financial aid packages, buy equipment for new and existing facilities, enhance IT infrastructure, and continue to develop FSU Health, an initiative to improve health outcomes in North Florida and beyond.
The 2024-2025 Annual Operating Budget is estimated to be larger than that of 92 foreign countries and includes $519 million for capital projects. The capital outlay budget includes allocations for Doak Campbell Stadium, the College of Business’ Legacy Hall, a new Football Operations Facility, the FSU Health Academic Health Center and the Interdisciplinary Research and Commercialization Building.
The university’s operating budget injects an estimated $15.5 billion into the local and state economies annually, according to the FSU Center for Economic Forecasting and Analysis. That estimate includes about $5.8 billion in direct revenue or sales and over $174 million in spending by non-resident students, as well as $9.5 billion in lifetime earnings by recent (FY19-20) FSU graduates, based on the center’s latest Florida State University System report.