budget

Georgia Tech FY26 Budget Focuses on Growth, Fiscal Discipline

admin — Thu, 31 Jul 2025 18:08:38 +0000

Georgia Tech FY26 Budget Focuses on Growth, Fiscal Discipline admin Thu, 07/31/2025 - 14:08

This spring, the University System of Georgia (USG) Board of Regents (BOR) approved $51.3 million in new state appropriations for Georgia Tech’s fiscal year 2026 budget. This 10% increase from last year’s state appropriations is primarily driven by enrollment growth funding. In addition, the BOR approved a systemwide 2% out-of-state tuition increase and a 3% tuition increase for out-of-country students for the upcoming fiscal year. For Georgia Tech, in-state tuition rates will remain steady for FY26, ensuring continued affordability for Georgia residents.

“We are thankful to the Board of Regents and the state of Georgia for their support of higher education and Georgia Tech,” said Tricia Chastain, executive vice president for Administration and Finance (A&F). “While this funding positions us to continue advancing our mission, we are entering FY26 with a fiscally cautious mindset given the uncertainties at the federal level and how those may affect our funding — especially our research enterprise.”

In total, Georgia Tech is projecting $57.2 million in new allocable funding on account of increases in state appropriations, undergraduate enrollment, and tuition. Due to the need to reserve funds to safeguard against unexpected shortfalls in revenue, the Institute’s executive leadership team has made the challenging but necessary decision to centrally reserve a significant portion of this new revenue to allow for adaptive financial planning throughout the year. In alignment with Tech’s commitment to student success and institutional priorities, limited funding was released to support strategic growth, with a focus on instruction and infrastructure.

The Institute has allocated $2.1million to support a limited merit pay program being implemented systemwide by the USG for the September payroll. This program is designed to recognize many high-performing faculty and staff, with eligibility limited to 15% of employees and pay increases of no more than 4%. Unit leaders will notify eligible recipients this month. More information is available on the Georgia Tech Human Resources website.

Looking ahead, the campus community is invited to attend A&F Connects (formerly known as A&F Town Hall) on Tuesday, Aug. 19, from 2 to 3 p.m., to learn more about Georgia Tech’s FY26 budget, federal funding sensitivities, and the USG’s Merit Pay Program. This will be a hybrid event, and more information will be shared closer to the date.

Summary sentence

The FY26 budget reflects Georgia Tech’s commitment to balancing growth with fiscal responsibility.

Summary

The FY26 budget reflects Georgia Tech’s commitment to balancing growth with fiscal responsibility.

Dateline

Thu, 07/31/2025 - 12:00

india.maul@gatech.edu

Contact

India Maul
Communications Program Manager
Institute Communications
Georgia Institute of Technology

Associated importer

Keywords

budget

News room topics

Campus and Community

Mercury ID

683416

Source updated

Thu, 07/31/2025 - 14:08

FY24 Budget Allocations Provide Support for People, Growth, and Performance

admin — Wed, 05 Jul 2023 16:11:31 +0000

FY24 Budget Allocations Provide Support for People, Growth, and Performance admin Wed, 07/05/2023 - 12:11

The University System of Georgia (USG) Board of Regents (BOR) recently voted to allocate $484 million in state appropriations to Georgia Tech for fiscal year 2024 (FY24) — a 6% increase over last year. This opened the door for Georgia Tech leadership to prioritize areas of investment and finalize allocations for the upcoming fiscal year. 

Overall, the USG’s FY24 budget included a $66 million decrease in state funding which will affect teaching budgets across the state. Georgia Tech’s portion of the decrease is roughly $10 million, which was based on its share of state appropriations among the 26 USG institutions.  

Additionally, the BOR is maintaining tuition and mandatory student fees at current levels for most USG institutions, including Georgia Tech, in the 2023-24 academic year. 

In light of limited new funding, Georgia Tech leadership, along with the Administration and Finance Dean’s Council, Budget Advisory Committee, and Institute Budget Planning and Administration, has worked to ensure that funds are conservatively and strategically allocated.    

“Now more than ever, it is important for us to demonstrate our commitment to financial stewardship, ensuring that every dollar is spent in a timely manner and invested to support our students, mission, and strategic plan,” said Jim Fortner, vice president for Finance and Planning and interim chief financial officer. “We prioritized our allocations to enable us to continue to advance our instructional, research, and service missions, and prioritize our people, growth, and performance.” 

The following Q&A with Jamie Fernandes, executive director for Institute Budget Planning and Administration, provides additional details on the FY24 budget, including revenue sources, where funds are being allocated, and how leadership prioritized allocations.   

How will state earnings and increased tuition revenue affect Georgia Tech?  

We are grateful to the BOR and the state for our formula earnings, which generated an additional $21.3 million for FY24. In addition to these formula earnings, we project a $7.9 million increase in tuition revenue associated with enrollment growth and $3 million growth in our indirect cost recoveries. With this growth, we did not have to consider a budget reduction in FY24, and we were able to allocate funds for the Institute’s highest priorities.

What are some of the key campus allocations for FY24? 

They are focused on three primary areas: people, growth, and performance.  

Supporting Students, Faculty, and Staff ($17.6M)

$13.1 million to assist with cost-of-living adjustment funding.
$3.9 million for faculty and staff retention and compression, strategic hires, and faculty promotion and tenure.

$670,000 to subsidize graduate student's’ health insurance.

Facilitating Growth ($13.8M)

$5.1 million to support instruction, including new tenure and non-tenure track faculty lines.

$5.6 million to support faculty research and related indirect cost expenses.  
$1.7 million to support previous growth in class sizes and course sections.  
$1.4 million for Development initiatives.

Improving Performance and Reinforcing Compliance ($2.2M)

$1.4 million for facility contract increases and Maintenance and Operations expenditures.  
$800,000 for memberships, background checks, and other compliance activities.

What were the determining factors in how allocations were prioritized once the budget was approved? 

The limited new funds available required careful prioritization by leadership. We worked with our budget governance committees to prioritize planned expenditures to enable us to continue to advance our instructional, research, and service missions.

Additional information on the FY24 budget, including allocations, will be provided as it becomes available.

Summary sentence

$484 million in state appropriations for fiscal year 2024 opens the door for Georgia Tech leadership to prioritize areas of investment.

Summary

Dateline

Mon, 07/03/2023 - 12:00

india.maul@gatech.edu

Contact

India Maul

Communications Program Manager | Institute Communications
Georgia Institute of Technology
india.maul@gatech.edu | comm.gatech.edu | gatech.edu

Keywords

Finance and Planning

budget

News room topics

Campus and Community

Mercury ID

668329

Source updated

Wed, 07/05/2023 - 12:02

Fiscal Year 2023 Looks Promising

bwaye3 — Tue, 19 Apr 2022 16:42:57 +0000

Fiscal Year 2023 Looks Promising bwaye3 Tue, 04/19/2022 - 12:42

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.

Summary sentence

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.

Summary

Dateline

Mon, 04/18/2022 - 12:00

Contact

Rachael Pocklington
Institute Communications

Location

Atlanta, GA

Associated importer

Keywords

budget

tuition

cost of living adjustment

Board of Regents

News room topics

Campus and Community

Mercury ID

657377

Source updated

Mon, 04/18/2022 - 09:53

budget

Georgia Tech FY26 Budget Focuses on Growth, Fiscal Discipline

Keywords

News room topics

FY24 Budget Allocations Provide Support for People, Growth, and Performance

Related links

Keywords

News room topics

Fiscal Year 2023 Looks Promising

Keywords

News room topics