The approval of the 2022-23 operating budget is the culmination of University-wide efforts to revise unit budgets that have been impacted by inflation, flat state funding, and ongoing pandemic-related enrollment and revenue pressures. Penn State leadership worked with budget executives and financial officers throughout the summer on a 3% rescission for 2022-23 and developed a fiscal plan that trimmed the University’s general funds deficit to approximately $149 million, which will be funded from reserve balances.
