In the last meeting of the 2022-23 fiscal year, the Miami University Board of Trustees on Friday, June 23, approved Miami’s operating budget of $773 million for the 2023-2024 fiscal year. The budget includes a 2% salary improvement pool for eligible employees per the recommendation of the University Senate’s Fiscal Priorities and Budget Planning Committee and President’s Executive Cabinet. Department heads will determine how the pool is to be allocated to their eligible faculty and staff (non-union faculty and unclassified staff hired before April 1, 2023) based on meritorious performance and equity adjustments. Classified staff will receive an across-the-board increase of 2%. 

The trustees also:

• Authorized a zero percent increase in tuition for returning students enrolled in the Miami Tuition Promise program.
  
  
• Authorized an increase in the resident undergraduate tuition in the amount of 4.0% for fall 2023; and a 4.0% increase in non-resident tuition for fall 2023. 

• Authorized an overload fee in the amount of $609.79 per credit hour for students taking over 18 credit hours per semester. 
  
  
• Authorized an increase of 3.0% for room and 4.5% for board costs for the fall 2023 cohort.
  
  
• Authorized the conversion of the North Chiller Plant (NCP) in Billings Hall from Heating Hot Water  to geothermal. This conversion will provide geothermal heating and cooling for the buildings currently by the NCP.  This energy systems conversion is the next project of Miami’s Utility Master Plan.
  
  
• Approved the renaming of Stonebridge Hall on Miami’s Western Campus to Hodge Hall in honor of David C. Hodge, Miami's 21st president, and Valerie L. Hodge, university ambassador.
  
  
• Approved professor emeritus/emerita, lecturer emerita, and administrator emeritus/emerita status for several retiring employees.