Budget Update
November 17, 2009
I am writing with good news.
Last Friday, November 13, I shared with with our deans a projected shortfall of $4.8 million in USM’s FY 2011 budget, and an overall multi-year projected shortfall of $13.9 million.
On Monday, November 16, USM received important news. The Board of Trustees has decided to release FY 2011 stimulus funds to the campuses, and to phase in the system-wide strategic investment fund.
What does this means for us at USM?
- We will receive $1.5 million in stimulus funds in FY 2011
- We will receive $400,000 more in our share of the state appropriation.
These two factors, combined with other related adjustments, decrease our FY 2011 gap from $4.8 million to $2.9 million.
I write to provide you with latest figures. I also note that we continue to operate in a fluid fiscal environment that is subject to change. I will always update the community as new information becomes available. In the meantime, we will continue to work hard and make the most prudent decisions we can to move USM toward fiscal sustainability.
