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President Drake previews FY2025–26 budget and semiconductor center; Regent Perez signals upcoming departure
Summary
President Michael Drake outlined the FY2025–26 operating budget request, highlighted California's selection as the site of a new national semiconductor research center expected to bring over $1 billion in research funding, and Regent Perez announced his intention to step down from the Board later that week.
President Michael Drake told the Regents the board will be asked to approve the university’s operating budget proposal for fiscal year 2025–26, which aligns with the state multi-year compact and requests one-time state funds for capital needs. He also announced that California had been selected for a new national semiconductor technology center in Sunnyvale expected to bring more than $1 billion in research funding to the state and create research and student-opportunity partnerships.
Drake highlighted UC Health’s systemwide community-benefit work, saying academic health centers invested roughly $2 billion in net community benefits in FY2022–23 and that faculty practices provided substantial support for patient care. He introduced an upcoming presentation from Dr. Carrie Byington and a UC Health after-action report reviewing the system’s pandemic response.
During the meeting, Regent Perez used a point of personal privilege to say he has told the governor he plans to step down and that Friday will be his last day on the Board of Regents unless the governor needs an extension. He thanked colleagues and staff for their service and reflected on his years of work in health services and the importance of UC’s academic health footprint.
The board adjourned the plenary session and recessed into committee meetings, where budget matters and detailed briefings on UC Health are scheduled to continue.
