“There is nothing on the horizon that will suddenly pull us out of this” financial crisis, said Provost R. Michael Tanner.
AT HIS last University Senate meeting as Provost on Dec. 2, R. Michael Tanner reported on some pertinent financial issues.
TANNER SAID no more money was expected from the State before Jan. 1, and that President Michael Hogan is expecting a 15% reduction in the amount of General Revenue Funds provided to the University by the State in the future. Tanner also said a tuition increase of about 5% next year is likely.
HE ALSO reported that Hogan would like to provide salary increases of about 2.5%, but the money would have to come from even more “belt-tightening,” as the State will not be providing more money.
TANNER NOTED that there have been some media reports that the University in better financial shape than it is, citing factors like the University saving $11 million on purchases of natural gas last year. “But the State has failed to send us $350 million,” Tanner stated. “We’re worse than broke.”
PRESIDENT HOGAN has talked about “reducing the University’s footprint,” Tanner said, noting the University’s Academic Directions Task Force and outside consultants are gathering data. “They’ll look at which departments are productive and at where budget trimming needs to occur,” he said.
“THERE IS nothing on the horizon that will suddenly pull us out of this” financial crisis, Tanner concluded.