Budget Information
The Pacific University Board of Trustees has approved a balanced budget for the 2024-2025 fiscal year.
The overall budget reflects a 1.9% increase over the current year. It also reflects difficult decisions made in the face of enrollment challenges throughout higher education.
At Pacific, we are committed to adapting to sustain our mission for decades to come. That commitment is reflected not only in the budget but also in our new strategic plan.
The cornerstone of this year’s budget centers on employee compensation. The President’s Council dedicated almost $2 million to employee salaries.
For 2024-25, Pacific is establishing a minimum salary base for all full-time employees. We are raising the minimum annual wages to $45,000 for full-time staff and $65,000 for full-time faculty. We have also launched a multi-year incremental strategy to increase salaries toward market-based benchmarks. However, because we are striving to reach these benchmarks and minimums, not all employees will receive a salary increase this year. Each employee will receive a personalized letter explaining their adjustments this spring.
The President’s Council also prioritized safeguarding employee benefits as much as possible. Pacific will continue its 9% retirement contributions and the Nonstop Health coverage. Some changes were made to Tualatin Academy. For the 2024-2025 budget, tuition remission and graduate assistance will continue. However, over the next year all benefits will be reviewed and changes will may be made and reflected in the 2025-2026 budget.
Elsewhere in the budget, reductions and reallocations were made with input from leadership across units, coupled with a focus on Pacific’s mission, compliance and accreditation requirements.
Employees have several opportunities to learn more about the 2024-2025 budget, including through a spring town hall, governance group meetings, and in the evolving resources below.
Additional Information
Frequently Asked Question (March 26, 2024)
Preguntas Frecuente (26 de marzo, 2024)
Spring Town Hall Presentation Slides (April 2, 2024)
Faculty CUPA Comparability Institutions (April 24, 2024)