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Posted: Tue Apr 28, 2009 7:18 am
Lafalum
Joined: 06 Mar 2007
Posts: 843
In an email message he details the cuts. Here are some highlights:
" Over the next four fiscal years , the College plans to decrease its operating budget by roughly 10% or approximately $11 million, originally projected for FY2012 in March 2008. This cost reduction is caused primarily ,although not exclusively by the reduced amount of endowment can provide to support annual operations. Specifically, Lafayette wil need to reduce the dollar amount of the annual draw fy approximately 7.5 million dollars from the endowment over the next three years."
He will accomplish this first for FY 2010
- significant reductions in capital projects
-holding increase in overall base compensation to 1% with a salary freeze for all faculty and staff along with a 2% reduction in the base for each V.P. and a 5% reduction for himself.
-already reduced budgets by 1% for the current fiscal year and will cut 5 % next year
-reductions in Development related events
-PLANNED REDUCTIONS IN THE PROJECTED EXPENDITURES IN ATHLETICS RELATED TO TRAVEL,RECRUITMENT,AN OTHER OPERATING COSTS>_
-deferral of expenses related to computoer replacement.
On the revenue side-
"one option that must remain under consideration is modest growth in the annual student enrollment, on the order of 10-20 students per year. With the additional faculty hires that have been planned ,and for which funding has already been secured, the student/faculty ratio will continue to be reduced.
Under cost reduction goals:
- a reduction in non-faculty wages compared to projections
- other unspecified reductions
-reducing the rate of growth in fringe benefits
-energy efficiency
-elimination of expenses not related to the core mission of the college
-REDUCE ALL NON - ACADEMIC DEPARTMENTAL EXPENSES BY 3% per ye
OVER THE NEXT THREE YEARS. ALL ACADEMIC EXPENSES WILL BE HELD FLAT
If it is not clear to him it is clear to me that the strategic plan is a dead issue. In order to continue offering the opportunities both academic and other student experiences we need to be about 20 % bigger. There is no way this endowment will reach the level needed to realize his plan. The sooner we begin moving in that direction the easier it will be.
Posted: Fri May 01, 2009 6:21 pm
Franks Tanks
Joined: 23 Mar 2007
Posts: 532
Lafalum wrote:
In an email message he details the cuts. Here are some highlights:
" Over the next four fiscal years , the College plans to decrease its operating budget by roughly 10% or approximately $11 million, originally projected for FY2012 in March 2008. This cost reduction is caused primarily ,although not exclusively by the reduced amount of endowment can provide to support annual operations. Specifically, Lafayette wil need to reduce the dollar amount of the annual draw fy approximately 7.5 million dollars from the endowment over the next three years."
He will accomplish this first for FY 2010
- significant reductions in capital projects
-holding increase in overall base compensation to 1% with a salary freeze for all faculty and staff along with a 2% reduction in the base for each V.P. and a 5% reduction for himself.
-already reduced budgets by 1% for the current fiscal year and will cut 5 % next year
-reductions in Development related events
-PLANNED REDUCTIONS IN THE PROJECTED EXPENDITURES IN ATHLETICS RELATED TO TRAVEL,RECRUITMENT,AN OTHER OPERATING COSTS>_
-deferral of expenses related to computoer replacement.
On the revenue side-
"one option that must remain under consideration is modest growth in the annual student enrollment, on the order of 10-20 students per year. With the additional faculty hires that have been planned ,and for which funding has already been secured, the student/faculty ratio will continue to be reduced.
Under cost reduction goals:
- a reduction in non-faculty wages compared to projections
- other unspecified reductions
-reducing the rate of growth in fringe benefits
-energy efficiency
-elimination of expenses not related to the core mission of the college
-REDUCE ALL NON - ACADEMIC DEPARTMENTAL EXPENSES BY 3% per ye
OVER THE NEXT THREE YEARS. ALL ACADEMIC EXPENSES WILL BE HELD FLAT
If it is not clear to him it is clear to me that the strategic plan is a dead issue. In order to continue offering the opportunities both academic and other student experiences we need to be about 20 % bigger. There is no way this endowment will reach the level needed to realize his plan. The sooner we begin moving in that direction the easier it will be.
Article in the Morning Call today explaining cuts. This really just puts the budget back in line a bit to where it should be (except athletics)
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