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Update on FY18 Budget Planning Process

Colleagues–

I want to provide you with an update on our FY18 (i.e., 2017-2018) budget planning process. Earlier this month the Finance Committee and Board of Trustees approved our plan for a balanced budget. This budget planning came with some unique challenges this year due to needed changes that we made in our financial aid strategies for the College of Arts & Sciences, but in spite of this, we were able to include a 2% salary increase for all employees as well as a necessary increase in our contingency reserves.

In the plan we presented for our nearly $130 million budget, we noted that there will need to be approximately $730,000 (or about 0.5% of the budget) in final reductions to arrive at a balanced budget. To get there, I asked each Cabinet member to come up with reductions based on a proportionate share of their overall budget. Cabinet members will work with leaders in their areas to identify reductions to specific budget lines. We are looking for expense reductions that do not involve current staff or faculty positions.  

I am grateful to everyone for all that has been done so far and am encouraged by the creative and sacrificial ways you have helped us to date. As always, if you have any questions, please feel free to let us know.

Serving together,

Patrick T. Brooke, chief financial officer