Florida State University’s Board of Trustees approved a $3 billion operating budget for the 2024-25 fiscal year — a record-breaking amount that now stands as the largest in FSU history.

Trustees voted to approve the spending plan during a full board meeting Thursday, and it includes allocations for capital projects such as Doak Stadium improvements and seating enhancements, the College of Business’ Legacy Hall, a new Football Operations Facility and a future Academic Health Center.

The operating budget is a 14.3% increase from last year’s $2.62 billion budget. The year before that, it was $2.36 billion.

“This budget will help us advance our bold agenda and pursue the ambitious goals outlined in our strategic plan,” FSU President Richard McCullough said in a prepared statement. “These funds will allow us to create more opportunities for our students, retain and hire outstanding faculty and staff and make a positive difference in the state of Florida and beyond.”

Pending pay raises for faculty, unaltered tuition for students

Besides the many different capital outlay factors that contribute to the overall operating budget, FSU staff members will receive a 3% market increase, similar to state of Florida employees. Faculty pay raises are still pending.

Projected salary changes within the budget for the university’s faculty members have not been signed off yet as negotiations continue during collective bargaining sessions, according to a university spokesperson.

When it comes to tuition and fees, the costs for students will remain the same as FSU has not raised its tuition rates since 2013, or for the past 11 years.

“In the real world, when we think about inflationary factors that have occurred since that time, that is an incredible statistic,” Board of Trustees member Jorge Gonzalez said.

“It is just a tremendous achievement for the state of Florida — and specifically FSU — to offer such a high-quality education at 2013-2014 tuition rates. That’s unbelievable.”

Currently, the in-state tuition rates on FSU’s main campus are $215 per credit hour for undergraduate students and $479 for graduate students.

The out-of-state tuition cost is $721 per hour for undergraduate students and $1,110 per credit hour for graduates.

FSU’s Senior Vice President for Finance and Administration Kyle Clark told trustees Thursday that if the university were to implement inflationary increases into tuition rates, a student would have to pay about $3,000 more than current costs per year.

FSU’s capital projects will cost over half a billion dollars

The university’s 2024-25 operating budget includes $519 million for capital projects, which is a significant increase compared to last year’s capital outlay budget of nearly $350 million.

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Capital projects include Doak Stadium’s seating enhancements project, where $141 million will go toward the initiative from the operating budget — making it the most expensive item on the university’s capital outlay list.

Last year, only $15 million went toward the seating enhancements project from the 2023-24 capital project budget.

But as construction is well underway at the stadium, renovations are set to continue leading into the 2024 season and should be completed before the start of the 2025 season.

While FSU’s stadium will have a reduced capacity even when the construction and renovations are fully done in 2025, the university athletic department’s Head of Capital Projects Ben Zierden told the Tallahassee Democrat in a February interview that, on the bright side, fans will have more room at their seats for more comfort.

More: How will FSU stadium experience change in 2024 amid renovations? Expect 24,000 fewer seats

With the Legacy Hall project being the second priciest initiative on FSU’s capital projects list, it is also currently under construction after the university broke ground at the site in October 2022.

As the future home of the College of Business, Legacy Hall is slated to be complete by summer 2025.

The building, which is expected to cost an estimate of over $130 million, will be the largest academic space on FSU’s extended campus from its location at West Gaines Street and Martin Luther King Jr. Boulevard.

Here are all of the university’s 2024-25 capital projects, with allocations for each:

• Doak Campbell Stadium Seating Enhancements: $141 million

• Legacy Hall – College of Business: $75 million

• Football Operations Facility: $68 million

• FSU/Tallahassee Memorial HealthCare Academic Health Center: $38 million

• Interdisciplinary Research & Commercialization Building: $35 million

• Doak Campbell Stadium Improvements: $10 million

• Mag Lab Primary Electrical: $10 million

• All others (over 200 projects under $3 million): $142.7 million

Following the operating budget’s approval from trustees Thursday, the plan will be submitted to the Board of Governors in August before they vote on its approval in September, according to FSU’s budget timeline.

Other FSU news: FSU trustees OK $300 a year overnight student parking permits

Contact Tarah Jean at tjean@tallahassee.com or follow her on X: @tarahjean_.

This article originally appeared on Tallahassee Democrat: FSU Board of Trustees approve $3 billion 2024-25 budget, biggest ever