FY24 Budget Report Guidance
All university units are asked to use one of the following budget report guidelines, as appropriate, in the development of annual reports as part of the annual unit review process.
We must strive to make investment decisions comprehensively and collectively and manage cash balances strategically. Strong student enrollment numbers are reason for optimism and confidence in the value of the University of Illinois brand. However, we must be mindful of changing demographics that may negatively impact our future tuition revenues, along with inflationary impacts on our expenses, including labor and utility costs.
The State of Illinois has seen improvements in its fiscal outlook over the last year. The University of Illinois System received approximately 5.5% in additional funding for operations for FY2023, along with supplemental funding in roughly the same amount for FY2022. The State budget also re-appropriated capital funding to support key construction projects, including the Discovery Partners Institute (DPI), Illinois Innovation Network (IIN), and significant projects such as the Altgeld Hall/Illini Hall and quantum sciences initiatives. Nevertheless, the state is still burdened with an unfunded pension obligation of about $130 billion. Therefore, we must continue with our longer-term strategy of reducing our reliance on state appropriations, including the possibility of a shift in benefit costs from the State to the University.
Units should submit their report to email@example.com by Monday, January 30, 2023.