The OSU/A&M Board of Regents approved a $1.36 billion operating budget for the Oklahoma State University system for fiscal year 2021 during its June 19 meeting held via Zoom.
The FY 2021 budget allocation represents a 1.1 percent reduction from fiscal year 2020 when the total budget for all OSU agencies was $1.38 billion. Tuition and mandatory fees will remain flat for all OSU sites, with the exception of the OSU Institute of Technology which will raise tuition 4 percent for in-state undergraduates and 2 percent for out-of-state undergraduates.
OSU institutions have maintained affordability by holding tuition and mandatory fees level for four of the previous eight years.
“In the midst of global economic uncertainty, Oklahoma State has developed a solid budget that will allow the university to continue to serve our students and state,” said OSU President Burns Hargis. “I am pleased that we will not be increasing tuition and mandatory fees for the second consecutive year for the vast majority of our students.
“We appreciate the federal CARES Act funding and donor support that allowed us to support students and successfully complete the spring semester. I want to once again thank our students, faculty and staff for their hard work and flexibility during unprecedented times.”
The OSU system received $22.1 million in federal CARES Act funding in the spring, 50 percent of which was used to directly fund student aid. The remaining 50 percent was used to:
- Reimburse refunds provided for student fees, housing, meal plans and parking permits.
- Purchase safety supplies (masks, hand sanitizer, cleaning supplies, etc.)
- Pay for technology-related costs associated with the immediate transition to online education, enabling employees to work remotely and conducting academic advising and other student services virtually.
“The Regents and OSU System leaders have carefully followed the economic impacts resulting from the pandemic, as well as in the face of continued reductions in state appropriations, and have taken a number of factors into consideration in shaping the FY 2021 budget,” Regents Chair Tucker Link said. “The budget we approved today reflects our priority to uphold high educational standards system-wide as well as the affordability that encourages students from all backgrounds to access them.”
The budget presentation also offered an update on campus safe reopening strategies for the fall semester as well as current research initiatives. From FY 2019 to FY 2020, the OSU system received a $6.3 million increase in grant funding.
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