The college recently submitted numbers for the 3rd quarter financial report (a CUNY document). This updates the mid-year report. The main news was an updated tuition revenue amount (to -6.5M from -5.3M).
The Federal Stimulus monies should amount to a 14.5M reimbursement to the college this year. This can cover revenue loss due to enrollment declines. We heard that the balance of stimulus funds – which must be exhausted by the end of the next fiscal year – should be sufficient to absorb a similar loss of revenue. However, a reminder that enrollment (which fell 7.3% in fall and 13% in spring) is very important.
We reviewed the Senior College budget picture after the state budget was approved.
There is much good news here:
TAP GAP is closed earlier than planned
New monies for faculty (53M) which positions the university to hire 500+ NEW faculty (not supplanting faculty losses).
Fringe benefits has 67M of new funding
There is 40M in one-time funding to investment in projects within a certain scope