Spring Break
French: $5M gap remains
by Miranda Neubauer
Senior Writer
News | 3/17/09
Posted online at 7:16 AM EST on 3/17/09
The administration is discussing how to close another $5 million gap in fiscal 2009 and a $6.9 million gap in fiscal 2010, Executive Vice President and Chief Operating Officer Peter French said at last Thursday's faculty meeting.
French also projected a 30-percent decrease in Brandeis' endowment to $480 million for fiscal 2009 after having previously projected a 25-percent drop from $712 million to $549 million at the end of this December.
The administration will meet today with the Senate Council and the Faculty Budget Committee to address the budget gaps, French said at the meeting.
French said that his department is recommending a 3.9-percent tuition increase instead of an original recommendation of a 4.25-percent increase because the vast majority of comparable institutions to Brandeis were under 4 percent. The University also has to increase the percentage of funds going to financial aid by 6 percent, French wrote in an e-mail to the Justice.
"For [fiscal 2009], we do have to move pretty fast," French said at the faculty meeting, adding that the University has some more time until April and May to make decisions about fiscal 2010, which starts July 1.
Brandeis has already undertaken budget adjustments of $9.7 million in fiscal 2009, which ends June 30, French said. This includes $4.7 million in one-time funds such as bequests, "a gift received after death pursuant to a will," French wrote in an e-mail to the Justice, and $5 million in budget cuts and other revenues such as income from the Heller School for Social Policy and Management and the International Business School. By the end of fiscal 2009, Brandeis have will reduced its Academic staff by 5.4 percent and staff in French's department by 9.5 percent, as part of a total staff reduction of 6 percent.
French said that the University previously "felt there would be additional deficits for this fiscal year." In an e-mail to the Justice he wrote, "... now, 9 months into the fiscal year, we have more information about spring-semester revenues and actual income from short-term investments, so that we can make more accurate year-end projections."
French also projected a 30-percent decrease in Brandeis' endowment to $480 million for fiscal 2009 after having previously projected a 25-percent drop from $712 million to $549 million at the end of this December.
The administration will meet today with the Senate Council and the Faculty Budget Committee to address the budget gaps, French said at the meeting.
French said that his department is recommending a 3.9-percent tuition increase instead of an original recommendation of a 4.25-percent increase because the vast majority of comparable institutions to Brandeis were under 4 percent. The University also has to increase the percentage of funds going to financial aid by 6 percent, French wrote in an e-mail to the Justice.
"For [fiscal 2009], we do have to move pretty fast," French said at the faculty meeting, adding that the University has some more time until April and May to make decisions about fiscal 2010, which starts July 1.
Brandeis has already undertaken budget adjustments of $9.7 million in fiscal 2009, which ends June 30, French said. This includes $4.7 million in one-time funds such as bequests, "a gift received after death pursuant to a will," French wrote in an e-mail to the Justice, and $5 million in budget cuts and other revenues such as income from the Heller School for Social Policy and Management and the International Business School. By the end of fiscal 2009, Brandeis have will reduced its Academic staff by 5.4 percent and staff in French's department by 9.5 percent, as part of a total staff reduction of 6 percent.
French said that the University previously "felt there would be additional deficits for this fiscal year." In an e-mail to the Justice he wrote, "... now, 9 months into the fiscal year, we have more information about spring-semester revenues and actual income from short-term investments, so that we can make more accurate year-end projections."
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