Focus is on budget planning in months ahead, says Holub
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Taking advantage of a budgetary “grace period” resulting from an infusion of federal stimulus funds, Chancellor Robert C. Holub said this week that his administration is focused on developing a financial strategy to address an estimated $38.2 million shortfall for the next fiscal year.
In a campus-wide e-mail sent Oct. 22, Holub said, “Once again, I am asking the Budget Planning Task Force and my leadership team to recommend ways that we can reduce costs, create efficiencies and most importantly, develop new revenue sources to carry us forward in the years ahead.”
As in recent public addresses, Holub said in the e-mail that developing new sources of revenue for the campus is key to placing the institution on a firmer and more predictable financial footing. He also noted that falling state revenues make mid-year cuts likely.
“Although we are hoping they will not be severe, and that they will be filled wholly or in part by remaining stimulus funding, we know that any reduction in the budget will make the ‘funding cliff’ steeper and necessitate greater revenue generation or budget cutting for FY11,” said his message.
The e-mail also provides broad background information on various aspects the campus budget planning process and invites members of the campus community to submit suggestions for dealing with the fiscal situation.
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Read the chancellor's message
October 22, 2009.
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