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The University of Illinois Board of Trustees on Thursday approved a $6.74 billion budget for the 2021 fiscal year. The budget reflects a 3.3 percent decline from the previous year’s $6.97 billion budget, a $232.9 million difference.
Included in the fiscal 2021 budget are $628.6 million in state appropriations, the same level as last year.
The system projects incurring $270 million in pandemic-related expenses and negative effects during this fiscal year. It will pull $121.3 million from reserve funds to help cover COVID-19-related expenses.
The system has also put forward its 2022 budget request, which includes $602.3 million in capital funding, $23.9 million to provide competitive compensation for faculty and staff, $15 million to increase student scholarships, and $10 million to recruit additional faculty.
