Recommendations from Budget Reduction Taskforce
Dear Faculty and Staff:
As you are aware, the Budget Reduction Taskforce has been working over the past couple of months exploring a range of approaches and alternatives for closing our budget gap for the current fiscal year. As has been shared previously, we will not have a full and accurate understanding of total revenue until the middle of September, when final enrollment numbers will be available. As a reminder, tuition revenue is approximately 62% of our total budget and critical to accurate fiscal year projections.
Although final numbers will not be available for several weeks, I have attached the Budget Reduction Taskforce report and related recommendations. The recommendations provide a specific approach and strategy for closing the remaining known gap (i.e., $17M), along with how best to address any additional losses secondary to potential enrollment decline or other financial impacts as a result of necessary actions as we continue to respond to fluid circumstances. I will continue to provide information as it becomes available.
Although our current situation is challenging, we have successfully launched a new academic year. Compliance with required behavioral guidance has been good, and local Memphis COVID-19 numbers continue to improve, with a significant shift from just two weeks ago.
Thank you for your continued efforts, support for our students and commitment to our community.
M. David Rudd