The budget committee had a modified membership from last year with the addition of Wilma Jones who replaced Gerry Milligan. Other members are Katie Cumiskey, George Sanchez, Veronica DiMeglio, and John Verzani
The Budget Committee met with AVP Serrano and Provost Parrish in early September. The meeting scheduled on the 2nd was graciously rescheduled for the 3rd. At this meeting we discussed the financial plan.
CUNY Central asks for financial plans each year, and requires consultation with elected governance and student leaders. This year the plan was to cover 3 years of spending including the federal stimulus funds.
The plan at the time was not rosy
federal funds would allow a balanced plan for the next 2 years (FY22, FY23)
a projected 5M deficit was showing in the out year (FY24; after federal funds are spent)
We discussed the model used for this which included no additional support from the state; and flat enrollment from F21.
The Budget Committee met with AVP Serrano and Provost Parrish on September 28 to further discuss the financial plan.
Since the meeting of the 3rd, the model had been adjusted:
aggressive claims on federal funds moved monies into FY21 which carry over
a modest 0.5% increase in tuition dollars was projected (essentially a 0.5% increase in enrollment from F21 numbers)
significant savings in PS and OTPS driven primarily by an expectation that the rate of separation by FT personnel (~24/year) would continue over the life of the plan. This would mean that by FY24 there would be ~72 fewer FT personnel.
With these new assumptions the model shows a 2+M surplus. It was remarked that without federal funds this would be a much pronounced deficit.
CUNY expects a balanced financial plan. As of Friday 9/17, several campuses had not had their financial plans approved.
In addition to discussing the model assumptions, such as the large modeled reduction in personnel, there was an interesting discussion on how to measure the cost of programs and the returns of programs so that the College can invest in programs which will improve the financial outlook. The provost mused that the new curriculum process might help.