Over the last two-plus years, I have written a longer letter to you every other month. Now, with the country's economic turmoil providing a lot of unsettling news, I plan to write to you more often, and more briefly, about what I know is happening and what we might think about doing in response. I will aim to send an update on Monday of every week, by e-mail and via the college's blog, CDes MEMO.
This week, let me fill you in on the impact of $20 million "unallotment" that the state will remove from the funding it gives the University this current fiscal year. Our college's contribution to this cut is $210,000, or a little more than 1 percent of the total. That amount was calculated based on the amount of reserves we have and the amount of state funding we receive. Since this college has relatively small amounts of both, the reduction to our current budget is a relatively small percentage of the whole.
We have begun budget meetings with all of the units in the college. While the meetings will mainly focus on next year's budget, we will also look at unallocated balances in the current year and decide how to come up with the $210,000 that we owe the University. This may mean postponing some actions and cutting back on others, but we should be able to meet this obligation without too much pain. The real challenge will be meeting the cuts just announced by the Governor on Jan. 27, but more about that next week.
In the meantime, I welcome your comments. Please respond on the blog, using the comment feature; send me an e-mail; and attend the college meetings on February 13.