TALLAHASSEE, Fla. (WCTV) – Florida State University Board of Trustees approved a $3.22 billion operating budget, along with $301 million for construction on the northwest side of FSU\u2019s campus, during a meeting Thursday afternoon.<\/p>\n
The new budget for the 2026-2027 fiscal year is a 4.5% increase from last year, according to the university. About 40% of the budget comes from state funds and two-thirds of those funds are for \u201cstudent financial aid, wages and benefits, and critical capital projects,\u201d per a press release.<\/p>\n
The $301 million in approved funds is going towards phase 1 of the Northwest Campus Project. Phase 1 includes a 10-story and 1,200-bed residence hall, a 765-seat dining hall and a 930-space parking garage. The new facilities are expected to be completed in the next two years. <\/p>\n
More Tallahassee news:<\/p>\n
The agenda for the board meeting states that the new project was implemented to \u201csupport increased activity on the NW side of campus.\u201d Phase 2 of the project is not expected until 2029-2030.<\/p>\n
The total cost of the project is about $364 million, with $301 million from bonds through the Division of Bond Finance (DBF), $61 million from the university\u2019s auxiliary funds and $2 million from earnings on invested balances during construction, per FSU\u2019s Board of Trustees agenda.<\/p>\n
FSU\u2019s Senior Vice President for Finance and Administration, Kyle Clark, said the campus project has been a part of FSU\u2019s long-term plan for about 15 years.<\/p>\n
The bond financing for the Northwest Campus Project is going to the Florida Board of Governors next week. <\/p>\n
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