Cornhusker State News

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.

Original source can be found here.