Several things have changed since we last met as a result of meetings with several groups including the Senior Leadership team and the Executive Committee of the Board of Governors.
- Attached you will find the latest draft of the proposed Operating Budget. You will note several changes including the addition of E&G revenue and the adding back in of the salary increase pools. This brings our current deficit to around $8 million.
- The leadership has decided that we will not be taking a budget to the Board for approval next week, rather we will continue to work on refining the budget with the anticipation of pulling in savings and revenue from the RRT (services review) effort as well as other efforts to reduce this deficit to meet the Board’s request for a balanced operating budget.
- As noted above we have added E&G revenue ($500,000) which is a result of the request by the leadership for a small increase in tuition to help offset inflationary increases contained in the budget. This increase is in addition to the changes previously discussed related to fee simplification.
- We will be taking the tuition and fee schedule to the Board next week for approval. We are working to finalize it by tomorrow.
Please share this information with your respective groups, but know that we will also be posting an update on the BWG page of the 20/20 site.
Thank you for your continued work as we move towards an improved budget process and model. Please let me know if you have any questions.
Mary Ellen Heuton, CPA
Senior Vice President for Finance/Chief Financial Officer