FY2024 Budgets Approved For UConn Campuses, UConn Health

STORRS, CT — The University of Connecticut trustees Wednesday adopted two fiscal year 2024 operating budgets in the billions of dollars for both the university and UConn health.

The budgets, UConn officials said, "significantly increase institutionally funded financial aid for students and develop a flexible road map to long-term financial sustainability by seeking new areas of revenue and cost savings.:

The new fiscal year starts Saturday and runs through June 30, 2024.

The budgets come with changes that make it difficult to compare against previous years, including the state's decision to start funding the retirement costs for all UConn employees, as it already did for other state agencies. The change comes with "gratitude" and removes "future risk of increased costs of those underfunded liabilities," officials said.

Overall, the FY24 operating budgets comprise almost $1.6 billion for UConn's main Storrs and regional campuses, and $1.5 billion for UConn Health's clinical, research, and academic operations.

The budget for the Storrs and the regional campuses will be in balance thanks to one-time funds from the state to help "close what would have been a substantial gap," along with $16.1 million in one-time unrestricted UConn prior fund balance money, officials said.

The UConn Health budget is balanced with funds including $22.1 million in one-time unrestricted UConn prior fund balance money.

UConn Health has more than doubled its net patient revenue over the last decade, from almost $372 million in FY14 to an estimated $895 million for the coming FY24 fiscal year.

As in previous years, UConn also is substantially boosting the amount of financial aid it will allocate to students, with that total increasing from $258.7 million in FY23 to $283.1 million in the coming fiscal year.

Of that, the institutionally funded amount that comes as a portion of tuition revenue will increase from $164.9 million to $181.3 million. The rest comes from federal sources such as the Pell Grant, state programs, scholarships funded by specific departments, and scholarships from private sources such as donor endowments.

State law requires the University to set aside at least 15 percent of its tuition revenue for need-based aid, but UConn voluntarily exceeds that each year, with the FY24 amount representing 16.5 percent.

The budgets can be seen in full here.