BOULDER, Colo. — An annual finance report from CU Boulder shows the university system has kept costs under control and tuition in check over a six-year period, according to CU President Todd Saliman.
The finance report, presented to the Board of Regents Finance Committee during its most recent meeting, found the CU System achieved $428 million in savings from fiscal year 2017 to fiscal year 2023.
The total $428 figure translates to cost savings to CU’s four campuses and system administration, cost savings to departments and units, costs avoided, cost savings to students, reallocation of resources and other measures, according to a news release from CU Boulder.
“At CU, we’re proud of the concrete efficiencies reflected in this report,” said CU President Todd Saliman in a statement. “We must do our part to keep costs under control and tuition in check, and we are. We’re always looking for opportunities to operate as efficiently as possible while supporting the high-quality education and research missions on our campuses.”
University officials said efficiencies are achieved “through a wide range of efforts,” including finding low-cost sources of books and other educational materials, with savings passed on to students. Some other ways to achieve these is to install LED lights and better boilers, roofs, insulation and other equipment to saving on energy costs across buildings. “Increased reliance on digital processes” and less use of paper and printing further achieve cost savings, university officials said in a news release.
Of the $428 million total, $96.4 million in efficiencies were achieved during the most recent fiscal year completed, 2022-23, officials added. Some 323 actions were taken to reach that total, which is then applied to reducing ongoing operation costs, redirected to other areas of need, or saved for investment.
CU Anschutz Medical Campus saved the most in efficiencies last year, achieving $7.7 million in savings. CU Boulder came in second at $4.3 million in savings, UCCS at third with $3.9 million, and CU Denver in fourth, at $1.1 million in savings.
