FY 2023 Budgets
Each year, the Board of Regents must approve budgets for the three universities and two special education units. The Board will consider approval of a $6.9 billion budget for FY 2023 at its July 27, 2022 meeting.
The bulk of the Regent Enterprise budget consists of the General University (Education) Operating Fund, Special Purpose Units and Restricted Funds.
General University (Education) Operating Fund
The primary revenue sources providing FY 2023 general operating funds for Iowa’s public universities are state appropriations and tuition revenue. State Appropriations are dollars that the Regent universities request and receive from the state of Iowa. Iowa, Iowa State and UNI are public institutions and, thus, receive public funding. For FY 2023, the Iowa Legislature appropriated just over $589 million to the general operating fund, including $5.5 million in incremental funding. State appropriations represent 30.5 percent of Regent university general operating funding.
Tuition is what Iowa’s public universities charge students for the education they receive while attending Iowa, Iowa State or UNI. The Board will vote on proposed Tuition rates for the 2022-23 academic year at this meeting, as well. Tuition revenue represents 63.8 percent of the FY23 general operating fund total at $1.145 billion.
Special Purpose Units
Money for University Special Purpose Units is included in the General Operating Fund. These units include the Entrepreneurship and Economic Growth Initiative at Iowa, the Veterinary Diagnostic Lab at Iowa State, and the UNI additive manufacturing center, among others.
Restricted funds 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. Restricted funds represent $2.996 billion of the FY 2023 budget.
General fund expenses related to instruction, academic support, and scholarships and fellowships comprise 69 percent of the combined general university expenses.
Detailed breakdowns of expenses and revenues can be found in the link below:
FY 2023 Budgets - Universities, Specials Schools and Board Office