The University of Wisconsin System is a tremendous economic driver and innovation hub for the state. We appreciate the investment of Wisconsin citizens, through many generations, that has built the UW System into one of the best in the country and UW-Madison into one of the strongest public research universities in the nation. The 2023-25 budget request approved by the UW System Board of Regents is designed to help us build on our success, while keeping tuition affordable, especially for low-income Wisconsin students.
In addition, the budget request includes critical investments in our facilities that will help UW-Madison and Wisconsin remain competitive. A new engineering building will add more than 1000 students each year, training talented future engineers that Wisconsin employers desperately need. The request also calls for investment in our existing buildings, with funding aimed toward maintenance and repair of aging buildings. This is especially timely now, as building costs increase amid inflation and deferring maintenance and construction will only increase future expenses.
Another important component of the request is a compensation plan for our faculty and staff that would increase pay by 4 percent in each of the next two years. Amid high inflation and a tight labor market, a moderate increase in compensation is necessary to retain and recruit strong staff and faculty, to stay competitive among our peers and to fulfill our mission.