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The University of Louisville Board of Trustees at its June 25 meeting approved a Fiscal Year 2027 budget President Gerry Bradley described as “structurally balanced” and “strategically focused.”

At $1.96 billion, the budget is the largest in university history (an increase of 9.4% from the FY ’26 budget). The increase is largely driven by clinical and sponsored research as well as state capital appropriations for the new Health Sciences Center Building and accounts for internal and external financial pressures such as inflationary costs to library subscriptions (+8% over two years), cybersecurity (+12%) and employer-funded health insurance (+19%).

“The success of our students and support of our faculty and staff continue to guide our financial priorities,” Bradley said. “Every dollar in this year’s budget ties directly to our 2026-2030 strategic plan. We will not compromise our investments in student success, employee compensation and research and innovation.”

A $9 million increase in institutional financial aid, including money for unmet student financial need under the Cardinal Commitment program, will drive enrollment and retention efforts. UofL is anticipating another record enrollment for the fall 2026 semester at about 25,400 students.

Additionally, the university’s goal of achieving an 85% retention rate illustrates UofL’s commitment to student achievement and well-being.

The FY ’27 budget includes a 2.5% salary and wage increase, effective July 1, 2026. This is the sixth consecutive year of compensation increases. To help maintain that standard for the majority of the university’s workforce, senior administrators will not receive salary enhancements for FY ’27. Further, employee health insurance premiums will not increase for the remainder of calendar year 2026 despite the increase in university-funded health insurance.

Investments in a thriving student body and workforce enhance UofL’s influence on societal impact and economic growth. This is most notably seen in the university’s research and innovation efforts. The FY ’27 budget includes the addition of a $70 million federally funded National Institute of Standards and Technology bioscience building to be constructed in the coming Innovation Park, planned for the former Kentucky Trailer property behind the J.B. Speed School of Engineering. An $11.5 million grant from the National Institutes of Health will advance cancer immunotherapy research through the Center for Cancer Immunology and Immunotherapy. Additional financial commitments include support for humanities and arts and social sciences faculty.

Bradley said institutional sustainability remains top of mind with each fiscal year’s budget planning, and the FY ’27 budget is no different. Additional fundraising staff have been hired to help the university meet its short-term and long-term institutional priorities.

“This budget echoes the spirit of our new strategic plan,” Bradley said. “In our classrooms, our workspaces, our laboratories, throughout the community we serve and beyond, the University of Louisville remains diligent in its commitment to be a place where the potential to shape the future of higher education is dynamic and ever evolving. My thanks to the many people who worked so hard on this year’s budget. We certainly have much to look forward to.”