Columbia University will receive $15 million in financial help from New York City to significantly expand its engineering school, Mayor Michael R. Bloomberg announced on Monday.

The money — a consolation prize of sorts — is related to a competition in which Cornell University and Technion-Israel Institute of Technology were awarded $100 million from the city to build a new graduate school on Roosevelt Island.

Still, Columbia administrators say, the assistance it will receive from the city — along with at least $80 million from the university — will help raise the national profile of Columbia’s engineering school, the Fu Foundation School of Engineering and Applied Science.

By 2030, Columbia has promised the city, it will expand its engineering faculty by 75, a 40 percent increase.