Budget Deficit and the U
I had no idea...
University Vice President of Budget and Finance Richard Pfutzenreuter said he and President Bob Bruininks were already working with various hypothetical economic models in preparation for a cut in funding from the state; the current projection far exceeded anything for which they were planning.
Really? Where have you folks been?
Minnesota is facing what might be its worst budget deficit ever, Gov. Tim Pawlenty announced Thursday at a Capitol news conference, a sign that the financial crisis has continued to tighten its grip on the state.
The shortfall is projected to be $5.2 billion — or nearly 14 percent of the state’s budget —for the current 2008-2009 biennium and the one to follow in 2010-2011. Minnesota’s constitution requires that the government balance the budget at the end of each two-year period.
Despite the lack of details, budget cuts can often find their way to higher education institutions. The state of Washington, for example, faces a similar budget deficit — $5.1 billion — and the higher education system there was warned to prepare for 20 percent cuts, University of Washington spokesman Norm Arkans said.
OK, Bob, time to earn your high salary. You need to get some of that old-time religion and decide what is really important here at the University of Minnesota. I don't want to hear any more of this "ambitious aspirations to be one of the top three public universities in the world" stuff out of you for a long, long time.