Fiscal 2024 Budget
I am pleased to share the summary and key elements of the New York University (NYU) budget for the fiscal year 2024, which covers the period from September 1, 2023 to August 31, 2024. The consolidated fiscal year 2024 operating budget for New York University is $17.258 billion.
The following budget details represent the activities of New York University other than NYU Langone Health, which includes the School of Medicine. The annual budget for the University, excluding NYU Langone Health, totals $4.132 billion and includes all academic, auxiliary, and administrative units at NYU New York, NYU Abu Dhabi, the New York-based activities of NYU Shanghai, and all global program sites.
The University budget provides the financial framework for the University's teaching and research mission by balancing resources with needs and aspirations. The budget for the fiscal year 2023 includes funding for the following key initiatives:
The University budget provides the financial framework for the University's teaching and research mission by aligning resources with needs and strategic priorities. The fiscal year 2024 budget includes funding for several strategic investments that align with the University's top priorities, including:
(1) Affordability – NYU has continued to make progress since the start of its affordability focus in the fiscal year 2016. The FY24 undergraduate tuition increase of 3.9% was one of the lowest among its market peers. The FY24 budget maintains the increased level of undergraduate financial aid, an initiative implemented in the fiscal year 2023, to reduce the gaps in the financial aid packages for the rising seniors and to meet 100% of demonstrated financial need of the incoming first-year students and rising sophomores and juniors;
(2) Academic and Research Excellence – investments to recruit and retain a diverse, world-class faculty and academic and research innovation and sustainability;
(3) Student Success – investments in support of improving graduation rates and other academic initiatives; and
(4) Administrative Retention and Investment – to attract, develop, and retain critical administrative talent
The fiscal 2024 capital budget includes the remaining minor work on the Paulson Center at 181 Mercer Street (opened in January 2023), which provides modern, high-quality space designed specifically to meet the University's long-term academic, residential, and athletic needs. Other larger capital projects in progress that will continue during the fiscal year 2024 include the Chemical Biology initiative; a continuation of Tandon School of Engineering's Capital Plan; renovation of Rubin Hall dormitory; conversion of Goddard Hall to academic space; renovation of a new academic center for NYU London; and renovations of an existing NYU building to become the home of the Robert F. Wagner Graduate School of Public Service. As in prior years, there are campus-wide ongoing capital replacement projects focusing on building maintenance, life safety, and regulatory requirements.
NYU will continue to align the needs and financial resources to build even greater academic and research excellence, educate the next generation of citizens and leaders, maintain progress on affordability, and make a real impact in our community and the world.
Vice President, Budget, Financial Planning & Analysis
University – All parts of New York University other than NYU Langone Health
NYU Langone Health represents the activities of NYU Langone Health System (Health System) and its two medical schools: the NYU Robert I. Grossman School of Medicine (NYUGSoM) and NYU Long Island School of Medicine (collectively, the NYU Schools of Medicine).