Senior university administrators are considering ways to close a projected $5.8 million budget shortfall for fiscal year 2010, President Jehuda Reinharz and Chief Operating Officer and Executive Vice President Peter French announced at a Nov. 6 faculty meeting. The projected shortfall is based on current gift, endowment, and tuition trends.
The university faces a $10 million shortfall for the 2009 fiscal year, which will be resolved through one-time funds and emergency expenditure reductions, including reductions in department budgets and the suspension of position searches.
“It’s an ongoing deficit,” Vice President for Budget and Planning Frances Drolette told The Hoot.
The process to address the projected budget shortfall for FY2010 includes the consideration of recommendations from the faculty advisory committee that Provost Marty Krauss convened last month. Senior administrators will submit proposals and recommendations to close the budget gap by mid-December, Reinharz said.
A budget will then be presented to the Board of Trustees for approval in March. “We cannot present a deficit budget to the Board,” Reinharz emphasized.