Largest budget in FSU history: $2.62 billion includes faculty raises, new buildings
Florida State University’s Board of Trustees approved a $2.62 billion operating budget for the 2023-2024 fiscal year — the largest amount in the university’s history.
The record-breaking budget is an increase of 11% from last year, where the annual budget was $2.36 billion and a 9% increase from the year prior’s $2.17 budget.
New buildings will change campus skyline
Regarding capital projects in this year’s budget, some of the highlights include a $40 million allocation for the College of Business’ Legacy Hall that broke ground in October, $35 million for a new Interdisciplinary Research & Commercialization Building and $25 million for FSU’s Academic Health Center that is in the works along with Tallahassee Memorial HealthCare.
On the athletic side of things, $20 million from the budget will be used for the Dunlap Football Operations Facility, $15 million will go toward Doak Campbell Stadium seating enhancements and $10 million will be for the stadium’s Blueprint Project to make accessibility and safety repairs to the 71-year-old Doak Campbell Stadium. The ongoing initiative has led to concerns and debates about how Blueprint sales tax dollars should be spent.
FSU, FAMU improve in performance-based funding metrics, receiving millions in allocations
Similarly, nine other universities have met the goal this year while most of them also have decreasing rates in the metrics category compared to 2022.
But the same status of being above the 30% threshold cannot be said for FSU and the University of Florida, both of which have not met the minimum access rate requirement for the past six years in a row.
This year, FSU’s access rate is 26% from 26.3% in 2022 while UF’s score is 23.4% from 24.7% last year.
Despite the unwanted continuous trend in the particular category, both FSU and UF remain in the top three scoring universities with the highest number of points this year.
FSU has 94 points — an increase from its score of 90 last year — while UF and USF are tied at 90 points and Florida International University holds the highest score with 95 points.
In addition, FSU will receive $57.5 million in state funding, $48.5 million in institutional funding and an extra $559,930 as a result of being in the top-three realm for a total of $106.7 million.
Here are the metric scores, university investments and state allocations for all 12 universities:
| University | Metric Score | University Investment | State Allocation |
|---|---|---|---|
| Florida International University | 95 | $32.8 million | $38.9 million |
| Florida State University | 94 | $48.5 million | $57.5 million |
| University of Florida | 90 | $57.5 million | $68.2 million |
| University of South Florida | 90 | $41.8 million | $49.6 million |
| University of Central Florida | 89 | $35.4 million | $42 million |
| Florida Polytechnic University | 86 | $4.9 million | $5.8 million |
| Florida Atlantic University | 82 | $21.2 million | $25.2 million |
| University of West Florida | 82 | $9.8 million | $11.7 million |
| University of North Florida | 79 | $13.3 million | $15.8 million |
| Florida A&M University | 78 | $13.4 million | $15.9 million |
| Florida Gulf Coast University | 74 | $12.2 million | $14.5 million |
| New College of Florida | 65 | $3.7 million | $0 ($2.1 million held in reserve) |
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.
The bottom line on the record state budget Gov. Ron DeSantis signed Thursday makes clear state government and higher education drive Tallahassee’s economy.
The $116 billion state spending plan includes nearly a billion dollars of economic activity for Leon County's 300,000 residents.
The 5% pay raise effective July 1 for the 22,000 state workers in Leon, Gadsden, and Wakulla counties increases the Capital region’s income by more than $43 million – comparable to the economic impact of a year's worth of attendance at Florida State University’s football, basketball, baseball and softball games.
Florida State University's plans for a $4 million hydrogen research center was rejected by DeSantis.
Florida State University
- $35,359,083 College of Medicine Alzheimer and dementia research
- $30,000,000 Demolition of Mendenhall and site preparation for an academic building
- $8,000,000 Institute of Politics to create a statewide history program
- $2,126,853 Nursing education
- $1,467,667 Financial aid
- $1,450,000 Multidisiplinary Educational Services Center
- $1,386,508 Autism Center at the College of Medicine
- $1,000,000 College of Law Election Law Program
- $1,000,000 Institute for Pediatric Rare Diseases
- $824,574 Education enhancement College of Medicine
- $543,353,819 Education Enhancement Trust Fund grant
- $525,000 Child Medical Services Behavioral health
- $500,000 Student Veterans Center
- $150,000 Center for Rare Earths within the National High Magnetic Field Laboratory
- $100,000 Boys and Girls State
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