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Chancellor begins budget reduction process with APC
This week, Chancellor Ronnie Green informed the Academic Planning Committee of the need for $10.77 million in proposed state-aided budget reductions as part of a larger plan to address a $23.2 million budget shortfall by fiscal year 2024.
As previously noted in Nebraska Today, the university is currently facing a $23.2 million shortfall due to declines in revenue attributed to total enrollment. These declines are largely due to decreased enrollment, multi-year record graduating classes, continued challenges on international enrollment post the global pandemic, and increased use of remissions to discount tuition.
Permanent reductions are needed to address the $23.2 million shortfall by fiscal year 2024, which begins July 1, and in coming years.
Green informed the Academic Planning Committee that university leaders project they can recover $12.42 million of the shortfall given conservative estimates of revenue attributed to future enrollment. The remaining $10.77 million shortfall will require permanent budget reductions.
The proposed reductions will be considered through a process led by the Academic Planning Committee for implemention prior to June 30.
Green and the committee also agreed on the following timeline for additional steps:
- Chancellor Green will propose to the APC specific reductions, which will be made public by April 14;
- The committee will review the plan and conduct hearings from April 14 to May 26;
- Committee reduction recommendations will be made to the chancellor by May 26; and
- A public announcement of accepted reductions will be made in early June.
Specific dates for public hearings by the Academic Planning Committee will be announced.
Details about the budget reduction proposal, including an overview of the Academic Planning Committee process, are available on the chancellor’s website.