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July 26, 2012

FY13 operating budget held at $1.94 billion

The University’s fiscal year 2013 operating budget has been set at $1.94 billion, the same level as in FY12.

Pitt’s executive committee approved the budget, which included a 3 percent salary pool increase and a 2.8 percent blended tuition rate increase in a July 13 meeting on behalf of the full Board of Trustees.


The largest revenue line item is research grants and contracts, budgeted at $722.06 million. Sales, services and other revenues are budgeted at $361.78 million.

Other major sources of revenue are the net tuition line of $542.85 million and a commonwealth appropriation of $144.48 million.

Rounding out the revenues for FY13 are an anticipated $65.7 million in gifts and pledges, $42.81 million in state construction grants, $39.01 million in endowment and investment income and distributions and $17.32 million in stimulus grants and contracts.


Salaries and wages of $867.33 million and benefits costs of $273.1 million make up the $1.14 billion total compensation line, the University’s largest expense.

Total compensation increased $27 million over last year’s budget, an increase of 2.4 percent.

Business and professional expenses total $280.33 million and supplies are budgeted at $126.83 million.

Other expenses are: $48.92 million in maintenance and facilities costs; $48.83 million for utilities; $152.99 million in depreciation; $43.69 million in interest, and $62.14 million in other expenses.


In a prepared statement, Chancellor Mark A. Nordenberg said, “As we continue to move through difficult times, our basic budgetary challenge is deploying limited resources in the most effective way — preserving access for students from low- and middle-income families, supporting some of the nation’s most talented faculty members as they pursue their pathbreaking work and maintaining the overall quality that has come to be characteristic of Pitt.”

—Kimberly K. Barlow

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