Ad-Hoc Budget Planning Team
“The more economies we achieve in this phase of the process, the better. Nobody should be under any illusions about the difficulty of these discussions and choices. Nor should they harbor illusions about the size of the challenge. We have enjoyed plentiful resources and the freedom to create programs and services without thinking too much about cost. We should be able to reduce the anticipated deficits and maintain our essential goals. To do so depends on creative thinking, a spirit of collaboration, and a modicum of trust. Let’s get it done.”
-- Susan Ashley, Budget Planning Team chair and dean of the college/dean of the faculty
The Situation
The college was already projecting deficits before the economic crisis hit. The Board of Trustees asked for a plan in May to deal with the deficit, and at their September meeting, the budget office presented a series of initiatives including increasing the endowment, maintaining the staff freeze, and cutting costs (via findings of the Working Group on Stewardship and Cost Containment).
Like other colleges and universities, CC has seen the value of its endowment decline sharply. Endowment pay-out covers about 30% of operating costs. And key expenses, such as financial aid, are not clear. Nor is it clear how many students will choose to come to CC in the fall.
The Budget Planning Team was created to collaboratively develop a plan to cut deficits anticipated over the next three fiscal years. The group is made up of faculty, staff, students, administrators and trustees, and is chaired by the dean of the college/dean of the faculty.