*********************************
There is now a CONTENT FREEZE for Mercury while we switch to a new platform. It began on Friday, March 10 at 6pm and will end on Wednesday, March 15 at noon. No new content can be created during this time, but all material in the system as of the beginning of the freeze will be migrated to the new platform, including users and groups. Functionally the new site is identical to the old one. webteam@gatech.edu
*********************************
Atlanta, GA | Posted: June 16, 2021
Jamie Fernandes
Executive Director
Institute Budget Planning and Administration
Summary Sentence:
With the new fiscal year approaching, Georgia Tech is in a better position because of higher than expected enrollment numbers, which are expected to continue into the next academic year.
Full Summary:
With the new fiscal year approaching, Georgia Tech is in a better position because of higher than expected enrollment numbers, which are expected to continue into the next academic year.
Georgia Institute of Technology PlacardWith the new fiscal year approaching, Georgia Tech is in a better position because of higher than expected enrollment numbers, which are expected to continue into the next academic year.
“Given the instability of the past year, this is not your typical scenario in higher education and we are cautiously optimistic moving forward,” said Kelly Fox, executive vice president for Administration and Finance. “We are also extraordinarily grateful to the state of Georgia and the University System of Georgia for their commitment to higher education and our students as well as their thoughtfulness and willingness to work with us during these uncertain times.”
Comparing Spring 2020 with Spring 2021 enrollment, among all 26 schools in the University System of Georgia (USG), Tech had the largest growth in terms of number of students, with an increase of 4,223 students (mostly at the graduate level), and in terms of percentage, at 11.9%. Overall, the system averaged an increase of 1.3% in spring 2021.
Thanks to strong enrollment numbers and healthier than expected state tax revenue collections, Georgia Tech is receiving $33 million in new state formula funding for fiscal year 2022. In total, state appropriations account for 16% of Georgia Tech’s FY22 budget of $2.3 billion.
In looking at Georgia Tech’s overall budget, it is important to understand the vulnerability of state appropriations, which has been increasing in dollars along with Tech's enrollment but declining as a percentage of the total budget for nearly a decade. This year, tuition revenue exceeds state appropriations for the 12th consecutive year.
In addition, the Board of Regents (BOR) also voted to keep tuition and mandatory fees – another source of revenue for USG institutions – steady across the system for the upcoming academic year.
“While we are very fortunate to end this year better than expected, there are sensitivities, and we need to be mindful of all the variables that contribute to the health of our budget,” Fox said.
The rollout of the Institute’s strategic plan earlier this year is helping to guide how Tech will invest this new funding to advance many of the Institute’s goals and values. Here are a few highlights from the approved FY22 budget:
Retention and support of our talented faculty and staff:
Students are our top priority:
Support of the Institute’s growth:
As Georgia Tech moves into fiscal year beginning July 1, more information related to the budget will be made available.
