Vermont Business Magazine The Vermont General Assembly’s Omnibus Appropriations bill, signed into law late yesterday by Governor Phil Scott, appropriates an additional $10 million to the University of Vermont.
The additional investment—together with UVM President Suresh Garimella’s commitment to keeping tuition frozen for a fourth consecutive year—bolsters efforts to keep UVM affordable to families in Vermont.
“The University of Vermont values its unique role as the state’s flagship institution and land grant university,” said Garimella. “We deeply appreciate the state of Vermont’s expanded investment in our mission to build the brightest possible future for our state.”
UVM allocates about half of the state’s current $42.5 million appropriation to help meet the financial needs of students, reducing the amount of debt students acquire. Vermonters graduating from UVM carry debt significantly below the national average. Approximately 45% of undergraduate students from Vermont attend the university tuition-free.
The other half of the state’s appropriation directly supports UVM Extension programs in all 14 counties of the state as well as medical education. As the land grant university, UVM’s programs include a comprehensive network of extension programs and experts who support farmers, other businesses, and community development. As the state’s only medical college, UVM provides medical education and training for health providers and related professions on campus and around the state.
“It’s hard to find any community within the borders of Vermont that isn’t somehow connected to our growing engagement efforts,” said Garimella. In 2020, Garimella launched the Office of Engagement, which specifically focuses on building and sustaining partnerships that will grow the economy and connect entrepreneurs with innovations and talent at UVM.
Garimella said the increase in the appropriation is a sign of the state’s willingness to further invest in UVM, which in turn benefits the state as a whole. Garimella pointed out some of the ways UVM serves as an economic engine for the state:
Each year, more than 1,000 UVM graduates choose to stay in Vermont to begin their careers, start their families, and establish their lives. More than half are originally from other states, leading to a measurable brain gain.
Today, nearly 36,000 UVM alumni live and work in Vermont, a significant portion of the total workforce, many of whom are current or future business leaders.
Last fiscal year, UVM attracted $231 million in extramural support for advanced research. The university’s growing research portfolio builds the state’s intellectual and social capital, attracting talent to Vermont and sparking further innovation.
UVM spurs approximately $1.33 billion of direct and indirect economic impact based on the most recent study.
UVM is the second-largest employer in the state with annual payroll over $300 million.
Thanks to Vermont legislators and Governor Scott, UVM’s annual appropriation will be $52.5 million in the new state budget. The university’s total operating budget for Fiscal Year 2023 is $776 million.