Ohio State trustees approve Fiscal Year 2021 budget
A new budget for The Ohio State University provides a clearer picture of the impact of the COVID-19 pandemic on university operations.
The Board of Trustees voted today to approve a $7.5 billion budget for Fiscal Year 2021. University leadership presented a detailed overview of the budget to the board that showed how the pandemic continues to present significant budgetary challenges for Ohio State. No source of revenue is unaffected. Some of the impacts include:
- A reduction in state operating subsidy of 4.38%, or $18 million, from original Fiscal Year 2021 state funding levels
- Anticipated tuition loss of $54.9 million due to many students moving to an entirely virtual schedule and others deciding not to return to the university this fiscal year
- Reduced athletic revenues by $130.3 million due to the cancellation of event rentals, a postponed fall season, and related ticket, media, conference and game guarantee revenues
- Student Life housing and dining revenues down $3 million from Fiscal Year 2020 due to lower student occupancy on campus, which equates to a $38.3 million reduction compared to a normalized fiscal year
“We continue to focus on the university’s core academic, research and health care missions to keep Ohio State in the best possible position for a future in which the virus is contained,” said Senior Vice President for Business and Finance Michael Papadakis. “We have engaged in rigorous and responsible fiscal planning in response and are fully focused on making good long-term decisions for the institution.”