November 5, 2024
FOR IMMEDIATE RELEASE
November 5, 2024
UA Board of Regents to consider FY26 budgets, strategic investments that empower 午夜探花
(FAIRBANKS) - The University of 午夜探花 (UA) Board of Regents will meet on the University of 午夜探花 Fairbanks (UAF) campus on November 6-8 to approve UA鈥檚 operating and capital budget requests for fiscal year 2026, and recognize over 50 combined years of university service from departing board members and university leaders. UA leadership continues to prioritize operational efficiency balanced with strategic investment in empowering 午夜探花 and 午夜探花鈥檚 workforce, and the budget proposals anticipate increased revenues from higher enrollment, research, and a modest tuition increase for the first time in several years.
鈥淯A鈥檚 continued enrollment growth, UAF鈥檚 progress toward a Research 1 designation, and improved student retention are particularly positive,鈥 UA President Pat Pitney said. 鈥淲hile we are mindful of the need to keep our budgetary asks to the state restrained, we also remain committed to strategic investments in our people and programs that empower 午夜探花.鈥
Budgets & Tuition Rates
The budget presented by the administration is based on the Regents鈥 Roadmap to Empower 午夜探花 strategic plan, and reflects the system鈥檚 priorities and needs for continued stability. The proposed operating budget requests state support for employee compensation increases and strategic investment to improve student recruitment, retention, and graduation rates, as well as support for University of 午夜探花 Anchorage (UAA) and UAF athletics. Like other organizations, UA is managing increased operating costs due to inflation and the general macroeconomic environment, and the budget requests additional support for increased healthcare costs, cybersecurity, facilities maintenance, and utility costs. The capital budget request prioritizes addressing deferred maintenance projects across the system.
鈥淲e are working to actively manage and reduce costs where we can within the areas we control,鈥 President Pitney said. 鈥淭he budget proposal that will be presented reflects key input from our Board, students, staff, and faculty. It also represents our remaining budgetary needs and expectations to be able to continue our positive trajectory.鈥
The modest tuition increase - 3% for residents, 5% for nonresidents - strikes a balance between the rising costs of providing quality education and maintaining affordability for UA students. The proposed increases still leave UA as one of the most affordable institutions relative to our peers.
鈥淎s fixed operating costs continue to rise, UA will continue to find efficiencies while strategically investing in programs and opportunities for long-term stability,鈥 said President Pitney. 鈥淭he modest tuition proposal balances maintaining affordability for students and generating needed revenue to support those programmatic investments.鈥
Recognizing Service & Planning for the Future
Regents will also recognize Regent Mary K. Hughes and Vice President for Academics, Students, and Research Dr. Paul Layer. Regent Hughes will leave the Board at the beginning of February 2025, concluding three consecutive eight-year terms on the Board, while Vice President Layer will retire in January after nearly 34 years of service to the university system.
On Wednesday at 2 p.m., the AdHoc Committee on Recruitment, Retention, and Graduation will hear preliminary observations from consultants EAB on the development of a system-wide strategy, and discuss international student recruitment. The committee will also review FY26 operating budget requests to enhance recruitment, retention, and graduation.
During Thursday鈥檚 committee meetings, the Audit and Finance Committee (8:00 a.m.) will receive an update on the university鈥檚 finances and fiscal health from Chief Financial Officer Luke Fulp. UA鈥檚 external auditor will also present its findings, and the committee will review and adopt the audited financial statements.
At the Facilities and Land Management Committee (11:00 a.m.*), Regents will hear updates on key developm