The Board of Regents approved the Universities of Wisconsin’s 2024-25 operating budget Friday, according to a press release.
The projected expenditures for the 2024-25 fiscal year are $7.98 billion, which is an increase of $462.8 million from the previous year. Additionally, the Universities of Wisconsin expect an almost 7% increase in revenue, amounting to $515 million more than the previous year.
Projected growth in research grants, philanthropy, tuition, and general-purpose revenue dedicated to employee compensation drives revenue increases, according to the press release. The budget includes using $34.8 million from tuition balances as a one-time plan.
The Universities of Wisconsin anticipate $1.79 billion in tuition revenue for the 2024-25 fiscal year, reflecting a $71 million increase from the previous year. This comes after the Board of Regents approved a 3.75% tuition increase in April. The cost for resident undergraduate students to attend a UW school is expected to rise by an average of 3.8%.
The number of UW universities experiencing structural deficits fell from 10 in the 2023-24 fiscal year to six in fiscal year 2024-25. The operating budget projects UW-River Falls, UW-Superior, UW-Whitewater, UW-Oshkosh, UW-Parkside and UW-Eau Claire will still experience shortfalls. The Universities of Wisconsin aim to eliminate all structural deficits by 2028.
Universities of Wisconsin President Jay Rothman said there is still work to be done addressing deficits.
“While this is encouraging, some of the universities projecting deficit elimination still need to affect some substantial budget reductions to achieve their goal,” Rothman said.
The operating budget identifies bolstering UW-Madison’s RISE initiative as a key strategic goal.
Further implementing RISE-AI and RISE-EARTH will help establish UW-Madison as a “global leader in research, scholarship, and creative activity,” the budget reads.
Investment in RISE-AI will create up to 50 new faculty positions to be filled over the next three to five years, according to the budget.
