President Reveley's financial update message
President Taylor Reveley sent the following financial update to the William & Mary community on Sept. 8, 2009. - Ed.
Dear William & Mary Community,
Earlier today Governor Kaine released his plan to deal with a projected state budget shortfall this fiscal year of roughly $1.35 billion. As best we can now tell, this plan will reduce William & Mary's existing state support by 15%, or $6.1 million. Thus, since 2008, the state has reduced its operating support for the College by $16.6 million, or roughly 32%.
We have dealt with prior state cuts by reducing expenditures, increasing revenue, and using one-time federal stimulus funds. While it appears that some $2.7 million in stimulus funds can be shifted from FY 2011 to the current year to help offset this new reduction, these funds, like those received before, help only one time. They are not part of a long-term solution.
We also understand that the Governor's plan includes a one day furlough. For most state employees this will occur on the Friday before Memorial Day. We need to learn more about how this will actually work.
As I have previously reported to you, today's budget cut has been in the works for some time. Now that we know its size, we will work with the the Board, deans, and vice presidents to accommodate it as best we can. Well less than 15% of our operating budget will come from the state this fiscal year. We must increasingly fend for ourselves.
This is not good news. But we share the misery with almost all other colleges and universities in the country.
Rector of the Board of Visitors Hank Wolf and I will participate in a campus forum tomorrow (Wednesday) afternoon at 4:30 p.m. in Chesapeake C of the Sadler Center. The forum was planned in advance but given today's news it is timely. All members of the campus community are invited. The conversation is open to any subject but I expect the state budget will be at the forefront for all of us. I hope you can join us.
I will be in touch again when there is more news to report.
Taylor Reveley
