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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


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