The Florida A&M University (FAMU) Board of Trustees on Friday approved a $374.7 million operating budget for the 2020/2021 fiscal year.
Meeting virtually, FAMU Trustees approved the spending plan which takes into consideration impacts of the COVID-19 pandemic such as the suspension of fall sports by the Mid-Eastern Athletic Conference and student and family choices regarding enrollment.
“This budget reflects our best fiscal response given the circumstances we face,” said President Larry Robinson, Ph.D. “Our goal is to deliver the highest standard of education while safeguarding the health and well-being of our students, faculty and staff. We will get through this together.”
The BOT met as the University took a major step in its Reopening Plan. Students returned to campus for the first day of moving into residence halls. With the safety precautions taken by the University, about 1,700 students are expected to occupy residence halls this fall. Students have been assigned single occupancy rooms only to combat the spread of COVID-19. Move-in for students assigned to the brand new FAMU Towers begins Thursday, August 20. Fall semester classes begin on August 24.
The University will receive $100.4 million in general revenues and $22.7 million from the lottery. Student tuition is projected to generate $67.8 million. Budget revenues also include $95.6 million in contracts and grants from research and federal CARES Act funding.
The overall spending plan includes $362.6 million in expenses and $374.7 million in revenues. Division of Finance officials said the apparent surplus is reflected in the still unassigned Performance Based Funding dollars from the Florida Board of Governors.
“We are extremely pleased with the $13.3 million in Performance Based Funding we received this year,” Robinson added. “FAMU improved in seven of the 10 performance metrics, scoring 73, a three-point increase over our score in 2019. This is a best ever.”