Thanks to almost daily news reports about the country’s financial picture, most of us are well-aware that our economic situation is quite bleak. For many of us, the impact may also be hitting closer to home as we cope with falling values in personal assets and a tighter job market. The same is also true of your university. UC’s main campus is expecting about a $35 million reduction for the new fiscal year, of which approximately $15 million will be cut in non-academic areas, and the remaining $20 million to be realized from the colleges. While RWC is not included in this $35 million cut, we too are expecting some financial reductions.
First, I want to point out that Raymond Walters College is dedicated to maintaining a healthy budget while providing essential student services. In fact, we are in sound financial shape this fiscal year and are adapting for projected budget cuts.
While this year is in good stead, we are also looking ahead and planning for the new fiscal year, which begins July 1, 2009 (FY2010). In total, RWC is planning for significant budget cuts from the State in fiscal year 2010. These cuts, coupled with some modest operating increases, mean that we will need to account for every dollar. We have already experienced cuts of 3.5 percent in our ACCESS Challenge funds and over 14 percent cut to the Jobs Challenge fund.
The bulk of the reductions for next year will be taken by adjustments to work loads and retirements. To reiterate, our present goal is not to reduce student services or eliminate active positions.
Our development director, Linda Heines, is more aggressively seeking alternative avenues of funding, including outright gifts and donations. We continue to closely monitor our various expenses, ensuring that quality education is offered while also balancing needs in our student services, institutional support and operation and maintenance of our physical facilities.
I am confident that RWC will continue to thrive, despite (or perhaps due to) the economic challenges we face. I hope your family is able to do the same.