The University of Colorado Board of Regents approved the 2023鈥�24 budget for all four campuses this week, voting unanimously on a plan that anticipates a 0.5% overall increase in enrollment for 彩民宝典 this fall.
The regents also heard a presentation about the success and global impact of 彩民宝典鈥檚 innovation ecosystem, including several startup companies that emerged from campus quantum research.
The board also voted to approve three new degree programs at 彩民宝典, approved program plans for renovations at Williams Village and the Economics Building, and recognized a new distinguished professor during its meeting Thursday and Friday on the 彩民宝典 campus.
Budget approval
The Board of Regents voted to approve tuition, fees and compensation at the April meeting.听At Friday鈥檚 meeting, the board approved the overall CU budget for 2023鈥�24, which totals $2.3 billion for the 彩民宝典 campus. Key aspects of 彩民宝典鈥檚 budget include a:听
- 4% increase in tuition plus a mandatory fee increase for incoming undergraduate resident and non-resident students. Because of 彩民宝典鈥檚 tuition guarantee, only new students, not continuing undergraduates who will complete their degrees in four years, will see the increase in their tuition and fees.听
- 4% tuition increase for graduate students.
- 4% merit compensation pool for university staff and faculty.听
- The campus plans to propose an additional 4% merit pool for the 2024鈥�25 fiscal year, if funds are available, to allow a total 8% merit pool over the next two years.听
- 5% across-the-board pay increase for classified staff in line with the state of Colorado.
- Minimum wage increase for staff ($18/hour) and student workers ($16/hour).
Provost Russ Moore told regents that 彩民宝典 leadership is 鈥済uardedly optimistic鈥� that the campus might see some enrollment growth and reach campus enrollment targets for fall. The campus is currently estimating a 0.5% increase in total enrollment for fall, for a total of 36,300 students.
彩民宝典鈥檚 startup ecosystem
彩民宝典 is transforming its startup ecosystem on campus, channeling its research innovations to improve lives across the world, said Bryn Rees, associate vice chancellor for research and innovation.
Rees, who also serves as managing director of Venture Partners at 彩民宝典, described increases in quantity and quality of startup activity from campus over the last three years.
Exactly 44 startup companies emerged from 彩民宝典 over the last three years, Rees said. This year, a new national ranking placed the University of Colorado fifth in the country for startup creation, according to AUTM, the leading global organization for recording data on university commercialization.
In 2021, startup companies connected to 彩民宝典 raised over $2 billion in capital, Rees added.
鈥淭his is not just an insular, university win,鈥� Rees said. 鈥淭his is an impact for Colorado, and it is an impact for the country.鈥�
Rees described specific programs the campus has launched in the last several years to help academic researchers cross the 鈥渧alley of death鈥� from promising inventions to solid investment.
Professors Jun Ye and Greg Rieker, along with entrepreneur Eva Yao, described several recent startups related to quantum advances discovered on the 彩民宝典 campus.
Chancellor Phil DiStefano stressed that such groundbreaking impact comes from multiple fields of study working together.
鈥淥ne discipline will not solve the complex problems that we鈥檙e talking about here today,鈥� DiStefano said.听
Building renovations听
The regents also approved program plans for two upcoming campus renovation projects.
The Williams Village Clean Thermal Energy Transition Project is a utility infrastructure project to upgrade the heating distribution system and mechanical equipment. The project is focused on converting sections of the existing steam distribution piping system and building mechanical systems to use heating hot water, a necessary step to the eventual transition away from steam to lower-temperature hot water, as recommended in the campus Energy Master Plan.听
Lowering the temperature of the heating loop from steam to hot water will allow for transition to different clean thermal energy solutions to help meet the campus 2050 zero-carbon goals. The estimated cost of the project is $8.5 million, and construction is anticipated to begin in spring 2024 and be complete by December 2024.
Renovation of the Economics Building will include classroom improvements and more efficient offices according to the Campus Space Allocation Guidelines. The project is estimated to cost approximately $29.5 million. Construction is expected to begin in August 2025 and be complete by February 2027.
Regents also approved the prioritized capital budget project list for 2024鈥�25 and a five-year projection of state need list, which defines which capital projects will be prioritized to receive state funding.
Other business
The board also:
- Met in breakout groups to discuss local community partnerships, a pillar of the CU system strategic plan.
- Heard public comment from three speakers who urged the board to divest its investments from fossil fuels.
- Recognized Professor and Dean Emeritus Rob Davis as a new distinguished professor, the highest honor that is bestowed upon CU faculty that recognizes excellence in research, teaching and service.
- Elected Regent Callie Rennison as the next board chair and Regent Ken Montera as vice chair.
- Approved three new degrees at 彩民宝典: a bachelor's in education studies and interdisciplinary master's听and doctoral degrees in robotics.
- Approved 62 sabbaticals and 41 tenure awards for faculty members at 彩民宝典.
- Updated .
- Extended the contract for 彩民宝典 men鈥檚 basketball coach Tad Boyle by one year, through June 2028.
The board will hold its annual summer retreat on July 12鈥�14 in Bailey, Colorado, and a limited-agenda board meeting on Aug. 9 via Zoom. The next regular board meeting is scheduled for Sept. 7鈥�8 at CU Denver.
