FY 2024 Budgets
At its August 2, 2023 meeting, the Board of Regents will consider approval of FY 2024 budgets for the three universities, the Board Office and the Iowa Lakeside Laboratory. The proposed Regents’ FY 2024 budget includes both general operating funds and restricted funds.
General Operating Funds
The primary revenue sources for the General University (Education) Operating Budget are state appropriations and tuition revenue. Previously, the Board requested a $32 million state appropriations increase for FY 2024 from the Iowa General Assembly. As enacted by the legislature, general university appropriations remain flat for FY 2024 (0% increase) when compared to the current year.
In part due to the flat-funded appropriated dollars, the Board passed a tuition increase in June. Approved rates include a 3.5% increase to base undergraduate resident tuition and various increases for non-resident and graduate and professional students. In addition, differential rates were approved for certain high-cost programs.
Changes in state funding patterns, as illustrated below, have significantly altered the proportion of state appropriations and tuition dollars that form the bulk of general education funding at the three institutions.
General fund expenses related to instruction, academic support and scholarships and fellowships represent more than 70% of combined general university expenses.
Additionally, each university also has special purpose units that receive state funding for operations. Examples include the Hygienic Laboratory and Flood center at the University of Iowa, the Agriculture Experiment State and Cooperative Extension at Iowa State and the Foundry 4.0 Center at UNI. New special purpose funding of $7.1 million for FY 2024 includes the College of Nursing at UI ($2.8M), STEM workforce initiatives at ISU ($2.8M), and teacher student recruitment efforts at UNI ($1.5M).
Restricted budgets include funds that are specifically designated – or restricted – for a particular purpose. These funds include capital appropriations, private gifts, bond proceeds, and sponsored funding from federal and private sources. University residence systems and athletics departments are part of restricted fund budgets, as are auxiliary or independent functions such as university parking and utility systems.
Detailed breakdowns of expenses and revenues can be found in the here: FY 2024 Budgets – Universities, Board Office, and Lakeside Laboratory