OSU/A&M Regents approve FY 2024 budget for Oklahoma State University System

OKLAHOMA CITY, June 16, 2023 /PRNewswire/ -- The OSU/A&M Board of Regents has approved a $1.7 billion operating budget for the Oklahoma State University System for fiscal year 2024.

The budget, which the board approved Friday during its regular meeting held on the OSU-Oklahoma City campus, includes a significant funding increase from the state. General university state appropriations for FY 2024 are just over $221 million. That's up $26.5 million over the previous year — an increase of 13.76% for the state's largest university system.

OSU's FY 2024 budget will see tuition and mandatory fees remain flat for both in-state and out-of-state undergraduate and graduate students at the Stillwater and Tulsa campuses for the second straight year.

As part of OSU President Kayse Shrum's vision to enhance employment opportunities and growth, a faculty and staff merit-based raise program will be implemented starting July 1, following similar merit-based raise programs implemented in 2021 and 2022.

"This year's budget aligns with our mission to meet the needs of students by providing a high-quality and affordable experience," said Jarold Callahan, OSU/A&M Board of Regents chair. "We recognize the importance of faculty and staff as the foundation of our success. The budget reflects our commitment to operational efficiency and responsible stewardship."

Led by an enrollment of 24,692 students at its Stillwater and Tulsa campuses — representing a 4% increase over the previous year's enrollment — enrollment across the OSU System is over 33,000 students. The student body includes representation from all 50 states; Washington, D.C.; Puerto Rico; and 113 countries. In the fall, OSU reported its largest freshman class in history — 4,668 first-time freshmen enrolled — and early indications forecast a large incoming freshman class for the upcoming academic year.

In the fall, OSU unveiled a comprehensive strategy to become the nation's preeminent land-grant institution. The plan includes specific targets for increasing student access, affordability, retention and enrollment, all while promoting an efficient OSU System with a focus on addressing society's most pressing challenges.

"Oklahoma State is on a positive trajectory with the systemwide strategy that will increase student enrollment, help address the state's workforce challenges, expand research capabilities and improve access for students," Dr. Shrum said. "A key part of making these things possible is our commitment to financial stewardship as reflected in the budget accepted by the OSU/A&M Board of Regents.

"On behalf of OSU's faculty, staff and students, I want to thank both the Board of Regents and the Oklahoma Legislature, particularly Sens. Roger Thompson and Greg Treat, Rep. Kevin Wallace and Speaker Charles McCall, for their ongoing support of Oklahoma State University. There are opportunities ahead to work together and make a difference for the state, industry and our students. We look forward to continuing our partnership and our remarkable momentum."

OSU Senior Vice President for Administration and Finance Joe Weaver echoed Shrum's gratitude for the Legislature's support. He said fiduciary stewardship has been a consistent focus for OSU leadership — one which has allowed OSU to maintain its "high grade" credit rating and robust financial health.

"Visionary leadership and our commitment to sound budgeting have ensured the financial health of the OSU System, which will continue to open doors for sustainable expansion of campus facilities and future growth," Weaver said.

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MEDIA CONTACT: Mack Burke | Associate Director of Media Relations | 405-744-5540 | mack.burke_iv@okstate.edu

Oklahoma State University is a modern land-grant university that prepares students for success. OSU has more than 33,000 students across its five-campus system and more than 25,000 on its combined Stillwater and Tulsa campuses, with students from all 50 states and more than 100 nations. Established in 1890, OSU has graduated more than 275,000 students to serve the state of Oklahoma, the nation and the world.

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SOURCE Oklahoma State University