|To:||Faculty and staff|
|From:||Provost Mike Sherman and CFO David Cummins|
|Date:||Oct. 16, 2013|
Our Board of Trustees today approved a revised budget for the current fiscal year. Previous budget reductions presented to the Board over the summer totaled more than $25 million in operating expenses across the campus and the elimination of about 100 positions, most of them vacant or the result of retirement or attrition.
The new budget is a result of a campus-wide effort to reduce expenses even further in order to fill a larger gap produced by a decline in enrollment and student credit hours. Fall 2013 student credit hours are roughly 6% below fall 2012, resulting in a projected revenue reduction of $15 million.
Over the last two months, colleges and departments were asked to identify new opportunities for savings, expense reduction or revenue generation. As a result:
These are extremely difficult decisions, and we continue to appreciate the involvement of all those who have offered suggestions on reducing costs—an ongoing challenge for the entire organization.
Looking forward, many of you have asked what you can do to help improve our overall circumstances. No factor plays a larger role in our budget than student success. Increasing retention rates by a few percentage points would improve our outlook significantly. We work daily on this issue on multiple fronts:
Further, the university is implementing a number of strategies to increase enrollment next fall of academically-prepared students who are more likely to succeed in a four-year university program.
Thank you again for your service to our University and our students.