On October 7, the state Revenue Estimating Conference lowered its fiscal 2010 revenue projection from nearly $5.8 billion last March to $5.4 billion. This new projection resulted in Gov. Culver's announcement of a 10-percent across-the-board cut to the state's fiscal 2010 budget. Board of Regents President David Miles also announced an immediate hiring freeze for all general fund supported positions and a moratorium on all new building construction projects. These issues will be discussed and presented for ratification at a special telephonic meeting of the Board of Regents, State of Iowa scheduled for October 14.
This new budget reduction equates to an approximately $8.8 million cut for the University of Northern Iowa and now reduces the university's state appropriations by $23.8 million (23.1 percent) since the start of fiscal 2009.
With this news, we continue to face great financial challenges. Difficult decisions were made last year as a result of fiscal 2009 budget reversions and fiscal 2010 state appropriation decreases. I am very aware of the burden these cuts placed on the university.
This will require substantial, structural changes to the university and sizeable cuts to programs and initiatives. Everything is on the table for review.
Yet, our guiding principles must remain intact for this round of budget reductions. We will do everything we can to maintain academic quality, progress to graduation, student financial aid, and campus safety and security. The vice presidents and I will make these reductions as strategically as possible.
As noted during convocation in September, we have to make substantive changes for our university. I encourage each and every university community member to accept these circumstances and take responsibility for the future success of the university. With the limited resources we have, we will need to become much more efficient and effective, innovative and entrepreneurial.
We will get through this challenge, but we must work hard, work smart and work together. Thank you for your continued focus on the work at hand.
Download Board of Regents President David Miles statement from October 8