UC’s operating revenue is estimated to be about $53 billion in 2024-25. Most of that is from the system’s medical services work, including hospitals. Its core mission of educating students, largely faculty salary and benefits as well as financial aid, makes up about $11 billion of the system’s budget. That amount is almost evenly paid for with state dollars and a combination of tuition revenue and other university funds. It’s among the numerous fiscal details that emerged at the regents’ regularly scheduled November meeting, including the revelation that the UC plans to spend $30 billion to repair or replace its increasingly aging stock of academic buildings, medical centers and dorms by decade’s end. And yet, that massive sum falls far short of the 10-campus system’s stated construction needs — a total of $53 billion in projects without a funding source. The building spree is occurring as UC trundles toward a goal of adding 23,000 new California students by 2030 — fueled in part by lawmaker demands that the vaunted system make space for more California high schoolers.

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by Mikhail Zinshteyn, CalMatters.

Posted: November 14th, 2024, by: admin. Categories: . Awaiting Comments.