The University of Maryland is receiving budget increases after the Maryland General Assembly passed new legislation, according to campuswide email Wednesday from university President Darryll Pines.
Pines said the cuts from the University System of Maryland’s budget were restored after the General Assembly adopted Maryland Gov. Larry Hogan’s budget for public higher education.
Now, the operating budget will increase by about $41 million, Pines wrote. The budget will also have nearly $200 million dedicated to USM employee compensation, he said. There is an additional 3 percent cost-of-living adjustment and merit pool for employees starting in July 2022.
“We are grateful to Governor Hogan, the General Assembly and staff for their dedication to make this a productive legislative session addressing important higher education issues,” Pines wrote.
He wrote that the end of the legislative session showed a commitment to higher education through student support, including financial aid. The final budget, he added, has a $20 million increase to the university system for need-based financial aid.
Another $8 million will be dedicated to the Maryland Higher Education Commission and Maryland College Aid Processing System to upgrade the financial aid systems.
“I am pleased that the General Assembly passed several bills aimed at increasing need-based financial aid, and improving the systems and processes that manage and disburse aid to applicants,” Pines wrote.
The General Assembly is also providing funding for the University of Maryland Strategic Partnership: MPowering the State programs. The programs are a collaboration between the University of Maryland’s College Park and Baltimore campuses to grow the economy, advance interdisciplinary research and increase educational benefits.
Meanwhile, Pines said this year’s capital budget will total more than $118 million to fund key projects for advancing academics and research, supporting students and the community and enhancing campus infrastructure.
The projects include new graduate student housing, the new chemistry building construction, planning for an interdisciplinary engineering building and more.
“Our collective and ongoing commitment to advancing the state’s flagship institution has led to another successful year,” Pines said.