Deficit Reduced: Budget Update
July 23, 2008
Dear Colleagues,
I am writing to give you a budget status report as we close out FY08. As all
of you know, we have taken both measured and dramatic actions to address the
more than $8 million deficit that we alerted you to in the spring. Because
of the collective efforts of all RC units on campus, as well as measures implemented
by the president, our FY09 budget now requires using $168,741 in reserves.
While this is still a deficit situation, and we must continue to improve our
budget position, it was better than if we had taken no actions. Below are the
steps we have taken to date to make next year-end as fiscally healthy as we
could make it before we submitted our budget to the USNH Board of Trustees
in June:
| |
FY09 budget position - 4/2008 |
|
($8,151,795)
|
| |
Defer or redirect to another year capital construction transfers by
the College of Health and Human Services and the Whittemore School
|
|
2,177,000 |
| |
Hiring freeze (44 positions) |
|
2,160,000 |
| |
Delay searches until FY09 (not part of hiring freeze) |
|
862,000 |
| |
Reduction in RC Unit support budgets (travel, equipment, supplies, transfers) |
|
681,400 |
| |
Increase graduate and executive tuition revenue |
|
600,000 |
| |
Reduce strategic fund use |
|
400,000 |
| |
Pre-hiring freeze position vacancies (4) in library |
|
258,000 |
| |
Reduction in lecturer/adjunct faculty expenses |
|
173,138 |
| |
Consolidation of printing and mail services |
|
150,000 |
| |
Redirect some separation incentive buyouts to FY08 |
|
150,000 |
| |
General Fund budget reduction to research centers |
|
150,000 |
| |
Pre-hiring freeze position vacancies in Computer and Information
Services |
|
146,516 |
| |
Reduction in USNH allocation |
|
75,000
|
| |
FY09 budget position - 7/2008 |
|
(168,741) |
Clearly, the hiring freeze we imposed in early May has helped us get closer
to our financial goals for FY09. We know this is a difficult thing for all
of us who have vacant positions. During the next several weeks, the Central
Budget Committee will revisit the hiring freeze and may make recommendations
to President Huddleston on how and when the freeze might be modified. We know
the freeze has affected units across the campus – both academic and administrative – but
it was a necessary, albeit a difficult, step to take.
Again, these one-time efforts account only for this fiscal year, FY09. FY10
and FY11 will present us with a new set of challenges, which we have referred
to in prior communications – that is, our structural deficit. We will
continue to update the campus community throughout the year.
Thank you all for you continuing commitment to addressing this challenge.
Sincerely,
Dick Cannon
Vice President for Finance and Administration
Home |
Archive |
Subscribe/Unsubscribe
Contact
