Ohio State University will slash $252 million from its budget this fiscal school year as the coronavirus pandemic continues to take its toll on the school’s revenue, the school said in a press release Thursday.
About $175 million in cuts will come from university operations, while $77.2 million will come from the Wexner Medical Center.
“We continue to focus on the university’s core academic, research and health care missions to keep Ohio State in the best possible position for a future in which the virus is contained,” Senior Vice President for Business and Finance Michael Papadakis said in a release. “We have engaged in rigorous and responsible fiscal planning in response and are fully focused on making good long-term decisions for the institution.”
The university anticipates a tuition loss of $54.9 million due to a mostly remote schedule and some students deciding not to return to the campus this year. Athletic revenues have taken the biggest hit at $130.3 million due to the cancelation of event rentals, a postponed fall season and related ticket, media, conference and game guarantee revenues.
Ohio State still plans to implement a $15 an hour minimum wage. University trustees on Thursday also approved the construction of the 1.9 million-square-foot Ohio State University Wexner Medical Center Inpatient Hospital.
Solange Reyner ✉
Solange Reyner is a writer and editor for Newsmax. She has more than 15 years in the journalism industry reporting and covering news, sports and politics.
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