The Board of Regents reviewed the University’s proposed fiscal year 2026 operating budget on June 12. The Board will act on the proposal at a special meeting on June 18.
As a major economic engine reaching every corner of Minnesota, the University of Minnesota drives an estimated $11.5 billion of economic impact for the state and supports over 89,000 jobs — 28,000 of which are directly employed at the University. Additionally, 62% of alumni remain in Minnesota after graduation and make a significant contribution to local communities throughout the state.
Practical, forward-thinking solutions are required to continue that excellence and return on investment as well as advance the University’s statewide mission into the future. The proposed budget includes tuition increases and scope reductions due to the profound instability facing higher education — flat state funding, declining federal support, rising costs and inflationary pressures. It also includes areas of strategic investments to expand and grow the mission of the University.
“In a time of historic pressure on higher education, this budget puts forward a realistic path that stabilizes our finances, strengthens our foundation, and positions the University to lead through change,” said Gregg Goldman, executive vice president for finance and operations. “We are making targeted investments and tough tradeoffs to sustain our core mission and ensure the University’s strength for years to come.”
As part of the Board’s annual public budget forum, Board members heard from students, faculty and staff in-person on Thursday afternoon. Continued public comment is welcome online at any time using the Board’s Virtual Forum. Comments received by 10 a.m. on June 17 and that meet the Board’s guidelines will become part of the public record included in the June 18 docket materials.
New Board leadership and 2025-26 meeting schedule
The Board also elected new officers to serve two-year terms from July 2025 through June 2027. Regent Doug Huebsch was elected as the Board’s chair, with Regents Ruth Johnson and Penny Wheeler elected to serve as co-vice chairs. Following recent amendments to the Board’s bylaws, President Rebecca Cunningham, Brain Steeves and Gregg Goldman will continue their roles as officers as long as they hold their University positions.
The Board also set its meeting schedule for the 2025-26 academic year. The restructured schedule supports effective governance by balancing the Board’s need to conduct regular business with the need to convene more frequently to address emerging issues. In addition to regular meetings, the calendar sets predictable dates for active learning and listening opportunities, when the Board will engage directly with faculty, staff and students across the system, as well as potential special meeting dates.
The Board also:
- Continued discussions on health sciences across the state with an update on the Medical School’s CentraCare Regional Campus in St. Cloud.
- Reviewed the University’s recommended fiscal 2026 capital improvement and operating budgets.
- Received an overview of student support services.
- Received an update on Crookston and Rochester enrollment marketing strategy as part of a review of strategic enrollment planning across the University’s campuses.
- Adopted amendments to four Board of Regents Policies, including Conflict Resolution Process for Employees, Namings and Renamings, Gift Solicitation and Acceptance, and the renamed Research Misconduct.
- Received annual reports from governance leaders representing students, faculty and staff. The Board also recognized the service of outgoing governance chairs.
- Recognized the University’s 2025 Fulbright Award recipients and the distinguished service of Rachel Croson, outgoing executive vice president and provost, and Kathy Schmidlkofer, outgoing president and CEO of the University of Minnesota Foundation.
The Board’s Virtual Forum accepts audio, video and written input, which is shared directly with Regents and included in the Board’s public materials. The public is encouraged to visit the Virtual Forum to submit their comments.
The Board of Regents is scheduled to meet next on June 18. Visit regents.umn.edu for more information.
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