Fiscal Year 2023 Looks Promising
UPDATED: April 29, 2022, to reflect additional $1.1 million in adjustments for employee benefits and maintenance and operations.
Support from the governor and the state legislature, along with healthy state tax revenues, is bringing positive news for the University System of Georgia (USG) and its 26 member institutions, including Georgia Tech. Pending approval by Governor Brian Kemp, the University System of Georgia will allocate an unprecedented additional $98.3 million to Georgia Tech for the upcoming fiscal year (FY23). This brings Georgia Tech’s total state appropriations to nearly $457 million – a 27% increase.
“We are deeply grateful to Governor Kemp, the General Assembly, and the University System of Georgia for their ongoing support and their continued investment for the coming year,” said Georgia Tech President Ángel Cabrera. “Their willingness to invest in our people – both students and employees – is a testament to their support of higher education as well as Georgia Tech’s commitment to offer an excellent educational experience to our students and a top-notch place to work for every member of our faculty and staff.”
The funds appropriated by the state will allow Georgia Tech to eliminate the Special Institutional Fee, which amounts to $344 per semester for graduate students and $544 for undergraduates. In addition, the Board of Regents voted to keep tuition steady for the third consecutive year. “At a time of great national concern over the mounting cost of higher education, it is comforting to see that the cost of a Georgia Tech education will not only not go up this year but indeed will be reduced,” Cabrera said. “We are fortunate to be in a state that invests in higher education so that we can offer high quality and affordable options to our students.”
The new budget will also fund a Cost of Living Adjustment of $5,000 per employee that will begin to appear this month in employee paychecks.
Georgia Tech’s additional $98.3 million in state appropriations for FY23 can be broken down as follows:
- $38.8 million in enrollment growth funding.
- $33.6 million to fund the elimination of the Special Institutional Fees.
- $24.8 million to fund the Cost of Living Adjustment.
- $1.1 million in adjustments to employee benefits and maintenance and operations.
Along with next year’s budget allocation, the USG also approved several capital projects, to be paid for with institutional funds, at Georgia Tech including a new Student-Athlete Performance Center, an Aerospace Engineering Aircraft Hangar Facility, and improvements to the Blake R. Van Leer Building for Electrical and Computer Engineering, as well as safety and accessibility enhancements to Ferst Drive and campus streetscapes. The USG also approved the establishment of the Master of Science in Global Development.
“We are very appreciative of these allocations and look forward to investing in areas that support our growth and directly benefit our people, spaces, and processes,” said Kelly Fox, executive vice president for Administration and Finance. “Over the next few weeks, we will work diligently to prioritize spending that supports our strategic initiatives and upholds our values – always putting our students first in everything we do.”
“I’d also like to give a special thanks to our Institute Relations team,” Cabrera said. “They are instrumental in sharing our story of growth and impact with state leaders and helping us secure resources to help us develop leaders who advance technology and improve the human condition.”
Georgia Tech’s Institute Budget Planning and Administration will submit the FY23 budget to the Board of Regents for spending approval in advance of the Board of Regents meeting in May. The new fiscal year begins July 1.