The condition of our state and national economies is clearly a concern for us all.
Though the economy has dominated the news recently, UCF has been dealing with a downturn for quite a while. Since July 1, 2007, the university has had more than $40 million in state funds cut from its budget.
During this time, we have been guided by one overall goal: to minimize the effects of the budget cuts on students. In many respects, we have succeeded. UCF has avoided the layoffs and program eliminations announced at other state universities that adversely impact learning.
In fact, this month we will fund more than $5 million in bonuses and raises for our talented faculty and staff members who have worked to ensure that students are as insulated as possible from the budget cuts. Those funds were available thanks to UCF's strategic enrollment growth of qualified transfer students and new graduate students. A higher-than-projected retention rate also added to our fall semester revenues.
However, more than $40 million cannot be removed from our budget without an impact. Although I wish none of our students had experienced difficulty because of the budget cuts, the reality is some of you likely have.
I assure you that President John Hitt, our Board of Trustees and the UCF administration are working to ensure that students are affected as little as possible by the most recent cuts, as well as by those we have been told to expect in the future. UCF has taken many actions to address our budget cuts, and I have encouraged colleges and divisions to conserve resources, keep vacant jobs unfilled and spend wisely.
Although these one-time-only resources cannot be used for expenses that recur year after year - such as new hires, raises or programs that will require regular expenditures in the future - they have been vital to the ability of our colleges and divisions to deal with budget cuts. They also will help us prepare for the cuts that will come in 2009-10.
Specifically, these resources will be used as follows:
• $70 million: By law, many of these resources can be used only for specific purposes to keep the university running and support its educational mission to students. Examples include financial aid; classroom material, supply and equipment costs; operation and maintenance of student housing, parking facilities, shuttle service, dining services and the Bookstore; and support of the Student Union and Recreation and Wellness Center.
• $44 million: The university has allowed colleges and divisions to carry forward this amount to help offset state-mandated budget cuts. As I stated before, these are one-time only and cannot be used for recurring expenditures that extend into another fiscal year.
• $22 million: This figure represents 5 percent of our operating budget that UCF is required by the state to hold in reserve.
• $5 million: We will hold this amount in reserve to help offset future budget cuts, including those we expect to come later this year.
These resources have been, and will continue to be, critical to helping us maintain the high levels of service expected at UCF.
In the end, students are our university's greatest asset. I promise that we will continue to do all that is possible to protect your UCF experience in this uncertain economy.~
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