November 5, 2024

FOR IMMEDIATE RELEASE
November 5, 2024

�鶹��ý Board of Regents to consider FY26 budgets, strategic investments that empower Alaska

(FAIRBANKS) - The �鶹��ý (�鶹��ý) Board of Regents will meet on the University of Alaska Fairbanks (�鶹��ýF) campus on November 6-8 to approve �鶹��ý’s operating and capital budget requests for fiscal year 2026, and recognize over 50 combined years of university service from departing board members and university leaders. �鶹��ý leadership continues to prioritize operational efficiency balanced with strategic investment in empowering Alaska and Alaska’s workforce, and the budget proposals anticipate increased revenues from higher enrollment, research, and a modest tuition increase for the first time in several years.

“�鶹��ý’s continued enrollment growth, �鶹��ýF’s progress toward a Research 1 designation, and improved student retention are particularly positive,” �鶹��ý President Pat Pitney said. “While we are mindful of the need to keep our budgetary asks to the state restrained, we also remain committed to strategic investments in our people and programs that empower Alaska.”

Budgets & Tuition Rates

The budget presented by the administration is based on the Regents’ Roadmap to Empower Alaska strategic plan, and reflects the system’s priorities and needs for continued stability. The proposed operating budget requests state support for employee compensation increases and strategic investment to improve student recruitment, retention, and graduation rates, as well as support for �鶹��ý Anchorage (�鶹��ýA) and �鶹��ýF athletics. Like other organizations, �鶹��ý is managing increased operating costs due to inflation and the general macroeconomic environment, and the budget requests additional support for increased healthcare costs, cybersecurity, facilities maintenance, and utility costs. The capital budget request prioritizes addressing deferred maintenance projects across the system.

“We are working to actively manage and reduce costs where we can within the areas we control,” President Pitney said. “The budget proposal that will be presented reflects key input from our Board, students, staff, and faculty. It also represents our remaining budgetary needs and expectations to be able to continue our positive trajectory.”

The modest tuition increase - 3% for residents, 5% for nonresidents - strikes a balance between the rising costs of providing quality education and maintaining affordability for �鶹��ý students. The proposed increases still leave �鶹��ý as one of the most affordable institutions relative to our peers.

“As fixed operating costs continue to rise, �鶹��ý will continue to find efficiencies while strategically investing in programs and opportunities for long-term stability,” said President Pitney. “The modest tuition proposal balances maintaining affordability for students and generating needed revenue to support those programmatic investments.”

Recognizing Service & Planning for the Future

Regents will also recognize Regent Mary K. Hughes and Vice President for Academics, Students, and Research Dr. Paul Layer. Regent Hughes will leave the Board at the beginning of February 2025, concluding three consecutive eight-year terms on the Board, while Vice President Layer will retire in January after nearly 34 years of service to the university system.

On Wednesday at 2 p.m., the AdHoc Committee on Recruitment, Retention, and Graduation will hear preliminary observations from consultants EAB on the development of a system-wide strategy, and discuss international student recruitment. The committee will also review FY26 operating budget requests to enhance recruitment, retention, and graduation.

During Thursday’s committee meetings, the Audit and Finance Committee (8:00 a.m.) will receive an update on the university’s finances and fiscal health from Chief Financial Officer Luke Fulp. �鶹��ý’s external auditor will also present its findings, and the committee will review and adopt the audited financial statements.

At the Facilities and Land Management Committee (11:00 a.m.*), Regents will hear updates on key development and maintenance projects at the �鶹��ýF. Director of Land Management Adrienne Stolpe will also update the committee on the status of the University’s Land Grant Initiative.

Thursday afternoon, the Academic and Student Affairs Committee (1:30 p.m.*) will consider approval of the Biennial SB241 Report, and receive an update on the Alaska College of Education Consortium. Additionally, the committee will consider proposed changes to �鶹��ýF’s community campus structure - combining the Interior Alaska College with the Community and Technical College - to provide needed flexibility to meet students' educational needs.

The full board will convene Thursday at 3:30 p.m.* to receive reports from governance, chancellors, and the president, and will return Friday at 8:00 a.m. to work through the remaining items on the agenda, including the electing board officers. (*Time is approximate; meetings will begin at the conclusion of the preceding meeting.)

All committee meetings and the full board meeting will be held in Fairbanks on the �鶹��ýF Troth Yeddha’ Campus at the Butrovich Building (Room 109); the agenda is available online.

All meetings, except any executive sessions, are public and will be livestreamed.

The �鶹��ý Board of Regents is an 11-member volunteer board, appointed by the governor and confirmed by the Alaska Legislature. Members serve an eight-year term, with the exception of the student regent, who serves a two-year term. The Board was established through the Alaska Constitution and is responsible for University of Alaska policy and management through the university president.

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For more information, contact Jonathon Taylor, director of public affairs at 907-350-0168 (cell), or via email at jonathon.taylor@alaska.edu.