University of Illinois System leaders applauded the Illinois General Assembly for its continued support of public higher education in the state budget passed Saturday.

The system’s $697.8 million operating budget in the 2024 fiscal year that begins July 1 includes a 7.0% increase for general operations. Gov. J.B. Pritzker is expected to sign the budget legislation. 

The budget also increases funding for the Monetary Award Program (MAP) – the state’s primary student financial aid program – by $100 million, a 16.6% increase that raises the available funds to $701.6 million. MAP provides financial aid to Illinois college students, including more than 22,800 across the U of I System universities in Urbana-Champaign (UIUC), Chicago (UIC) and Springfield (UIS).

The system’s budget for fiscal 2023 was $7.65 billion. Trustees will consider the fiscal 2024 system budget later this year.

“I would like to thank Gov. Pritzker and the General Assembly for their support of public higher education and for their vision for the future needs of Illinois residents,” system President Tim Killeen said. “Our elected officials are strong partners in carrying out our mission of providing educational excellence at scale, preparing students to meet the challenges of the future. The legislature is working to build a vibrant state economy, and the system is proud to help identify and carry out the actions that translate academic excellence into economic success.”

The budget represents a continuation of the state’s investment in initiatives to spur innovation and bolster the state’s economy. In 2019, the legislature appropriated $500 million to the system’s Illinois Innovation Network (IIN), a collection of 15 research and innovation hubs statewide that includes Discovery Partners Institute (DPI). Approximately $235 million of that funding was earmarked for DPI’s headquarters in Chicago.

A 2022 study conducted by Lightcast – formerly known as Emsi Burning Glass – found that the U of I System generates $19 billion annually to the state’s economy through its research, medical, and entrepreneurial activities, along with the universities' students, visitors and alumni. Based on data from July 1, 2020, through June 30, 2021, the Idaho-based firm’s analysis found that one out of every 46 jobs in Illinois is supported by the activities of the universities and their students.

The system’s total general funds appropriation increase of $42.5 million in the state budget includes a 7% increase in the general operating appropriation and increases of 2.5% for the Prairie Research Institute at UIUC, 7.3% for the Hispanic Center of Excellence at UIC, 2.5% for UIUC’s Dixon Springs Agricultural Center, 2.5% for the Public Policy Institute at UIC, 2.5% for the College of Dentistry at UIC, and 45.8% for the School of Labor and Employment Relations at UIUC.

The state’s capital budget includes a $25 million grant to Chan Zuckerberg Biohub Chicago, a new biomedical hub led by UIUC along with the University of Chicago and Northwestern University. 

“I am extremely grateful to the governor and all our elected officials for their interest in and financial support of the tangible steps we are taking toward a better future,” Killeen said. “They are actively engaged in the process, and we look forward to a continued partnership that leverages the full potential of the U of I System.”