University of Alaska Regents approve FY25 budgets

ANCHORAGE — The University of Alaska Board of Regents recently approved Fiscal Year 2025 budget requests and strategies on the grounds of growing enrollment and ongoing fiscal stability.

“The University of Alaska System is strong, and the actions taken today show the confidence this board has in our institutions,” UA Board Chair Ralph Seekins stated in the press release. “Alaskans should be proud of the quality and offerings of their universities.”

The approved operating budget request includes: $6 million in state funds to support State and Arctic Leadership programs that will support students through their educational endeavors and ultimately add to Alaska’s workforce; $8.5 million to cover unavoidable fixed cost increases as property insurance premiums, cyber security, and utility costs continue to escalate; and $14.7 million to offer negotiated compensation increases to faculty and staff.

Regents kept tuition rates flat for FY25 while tuition revenues are expected to grow by roughly $3 million due to higher enrollment, according to the press release.

UA’s proposed FY25 budget is $927.4 million, which includes federal funds and other sources.

“This budget effectively balances fiscal restraint with strategic investment in programs which empower Alaska,” UA President Pat Pitney stated in the press release. “With growing enrollment, increased research investment, and positive forward momentum, UA is well positioned to serve our state and industries.”

UA’s FY25 capital budget request includes:

$20 million in state funds to support the University of Alaska Fairbanks’ efforts obtaining Tier 1 (R1) Research Status which is the the highest ranking of doctoral-granting research universities in the U.S.; $6 million in state funds ($8 million total) to support the University of Alaska Anchorage (UAA) Health Workforce Diversity Expansion Project which will help the UAA College of Health teach more students; and $7 million in state funds ($10 million total) to expand the University of Alaska Southeast (UAS) Mariculture Program which will create new infrastructure to support the Applied Fisheries Mariculture program within the UAS Sitka campus.

According to the press release, UA is working towards a legislative strategy for consistent annual state funding to the "University of Alaska Major Maintenance and Modernization Fund" instead of one-time capital funding, according to the press release. The proposed legislation would allocate $35 million in annual funds to an approved list of deferred maintenance projects.

Regents also approved a new Bachelor of Business Administration in Business and Data Analytics degree at UAA which was developed in collaboration with industry partners to address an important need in Alaska's workforce.

"The response and engagement from students, staff, and faculty is instrumental in refining our strategies, and I appreciate the Board’s active leadership in the process," Pitney stated in the press release.

Contact Mat-Su Valley Frontiersman reporter Jacob Mann at jacob.mann@frontiersman.com