Florida A&M University’s Board of Trustees has approved a $451.3 million operating budget for the 2024-25 fiscal year, which includes a pay raise for faculty and staff.
Trustees recently voted on the budget during a full board meeting on campus Sept. 13, and nearly $214 million is being allocated for salaries and benefits.
“Performance-based funding and operational enhancements are supporting FAMU’s strategic priorities including student success initiatives, licensure passage rates, Florida College System AA transfers, a 3% salary increase for faculty, staff and retention, and staffing that drives greater efficiency and service excellence,” Board of Trustees Chair Kristin Harper told the Democrat in an email Friday.
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This year’s budget is just a few million dollars more than it was in 2023 when the board approved the university’s $448.4 million budget. During the board’s meeting, trustees also approved a 2024-25 budget of $11.3 million for the Athletics Department .