The Indiana University Board of Trustees approved a $4.2 billion operating budget for fiscal year 2023-24 during its June meeting, including a salary increase for IU employees.
IU’s 2023-24 budget is slightly bigger than last year’s, reflecting increased expenses for labor, services and other fixed costs. The university has mitigated the increases through budget reductions and alignment of administrative functions, while continuing to champion student success through new academic and research programs.
“IU’s operating budget will support our ambitious vision as we implement IU 2030, our seven-year strategic plan,” IU President Pamela Whitten said. “Through the careful stewardship of IU’s resources and continued investment from the state, we will continue to support academic programs and research that transform our students and strengthen our communities.”
Standard & Poor’s Global Ratings recently reaffirmed IU’s AAA credit rating, citing the university’s stable enrollment, excellent management of strategy and resources, and positive financial operations.
The budget includes salary increases of up to 3% for IU employees. Over the past five years, salary and wage increases at IU have averaged 1.5%, with no university-wide salary increase in fiscal year 2020-21 due to the pandemic.
The budget goes into effect July 1.
