Trustees Approve Interim Budget for 2012-13

By Rebekka Coakley, Penn State

UNIVERSITY PARK –  Penn State’s Board of Trustees Friday approved an interim maintenance and operating budget of $4,132,217,000. This budget supports all Penn State operations and enterprises throughout the Commonwealth. The University adopts an interim budget each year so that it has an approved fiscal operating plan from the beginning of the fiscal year, July 1, until the University’s Board of Trustees formally approves next year’s actual budget.

Details on the current 2012-13 budget, which serves as a basis for this interim budget, can be found online at http://budget.psu.edu.

No action on changes in tuition and necessary expense increases — including employee salaries, wages and benefits — will be taken until after the 2012-13 state appropriation is known and the University’s budget plan has been reviewed and approved by the Board of Trustees in July. After receiving and analyzing the final state appropriation figures, the University will develop a specific budget for the 2012-13 fiscal year that addresses these and other line items.

The final 2012-13 Penn State budget is scheduled for presentation to the board for its approval at its next meeting, scheduled for July 12-13 at Penn State Worthington Scranton.

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