By Tom Latek
Kentucky Today
The University of Kentucky Board of Trustees on Friday approved a $6.8 billion fiscal year 2023-24 budget that they say represents record-setting investments in students, health care, research, and service.
The new spending plan is 21% larger than last year’s $5.6 billion original budget, a reflection of the acquisition and integration of King’s Daughters Medical Health System in Ashland into the university.
The budget growth is driven by the ongoing expansion of the university’s academic health system, its commitment to strategic growth of the student body and a thriving research enterprise. In fact, they point out that in 2011 when university President Eli Capilouto arrived at UK, the institution’s budget was $2.7 billion.
Capilouto calls the new budget evidence that UK is delivering on its promise to advance the state.
“We were created nearly 160 years ago with an essential mission and singular focus – to advance Kentucky – its health, its economy and its quality of life. With this budget, we demonstrate how we are honoring that mission today and how we are preparing to continue to honor our promise to the commonwealth for the future.”
UK officials say the budget includes acting upon several promises:
• A promise to enroll and graduate more students.
• A promise to expand health care to more Kentuckians.
• A promise to pursue discovery and answers.
• A promise to take care of the people who advance UK and the state.
It does contain a tuition increase of 2.75% for Kentucky undergraduates. Tuition for fall 2023 would be $6,606.00, up from $6,429.50 in fall 2022.
“This budget is an example of promises made and promises kept – for all those we serve throughout the Commonwealth,” Capilouto stated. “I am confident with the continued compassion and commitment of our people and our community that we can meet this moment as long as we remain focused on the mission that has guided our path for nearly 160 years: to advance Kentucky in all that we do.”
For details on the spending plan click here.