Financial aid increases, long-term investments in academic and student life priorities continue.
The George Washington University Board of Trustees on Friday approved the university’s fiscal 2019 operating and capital budgets, which run from July 1 through June 30, 2019.
The budget represents the university’s continued efforts to make strategic long-term investments in academic priorities, enhance the student experience and increase financial aid during the upcoming fiscal year.
“The university’s budget is a direct reflection of our priorities and shared aspirations, and it will enable us to fund our current mission, build reserves and invest in our strategic initiatives, including enhancing the student experience,” said President Thomas J. LeBlanc. “These investments benefit our entire university community and support our continued growth as a comprehensive global research institution.”
The more than $1 billion operating budget includes graduate and undergraduate financial aid totaling more than $315 million in order to meet the anticipated need of students. The budget also includes funding to: maintain performance-based merit raises, hire faculty and staff, and meet the requirements of the D.C. Universal Paid Leave Act.
The fiscal 2019 budget also continues implementation of the university’s multi-year plan to gradually increase the fringe benefit rate, providing funding for the university to steadily increase its contributions to employee health care benefits.
The fiscal 2019 budget for capital expenditures totals approximately $53 million and continues the university’s investment in previously approved major capital projects that will deliver enhanced facilities in support of the university’s academic mission, such as improved infrastructure and classroom upgrades.
The capital plan also includes funds for initial planning and design for a new residence hall on the Foggy Bottom Campus and planning work for a future renovation of Thurston Hall. Also included is funding for upgrades this summer to Munson, Madison, Guthridge and Strong halls as part of a program of ongoing residence hall updates. The spending plan also includes continued investments in sustainability efforts that reduce GW’s carbon footprint and utility costs and assist in upgrading building infrastructure and equipment.