It’s my pleasure to wish a Happy Spring to the Panther Community,
Many of you will remember that in several conversations almost a year ago, we projected that we would need to work very hard to create our FY24 budget. As background, each year we build the coming year’s operating budget by combining our best projection of tuition resources in that year with a state appropriation calculated using the past two years.
While I am happy to announce that our current enrollments are stabilizing, I believe it is no secret to the community that Georgia State, along with other universities across the nation, had smaller student populations during the COVID-19 pandemic over the past few years.
The bottom line here is that, because of our enrollment, our budget in FY2024 will need to be reduced by $24.4M. This amount is 2% of our overall budget and about 7% of our state appropriation. In short, this is a manageable reduction, but not without some level of change.
The Provost, COO, and I have been working with our academic and administrative leaders over the past few months to develop a budget philosophy that is fiscally strong.
The most important news that we can deliver is that there will be no centrally-mandated university wide layoffs. Secondly, we will develop a budget that will continue toward a second phase of changes related to our compensation study. Finally, although we will need to realign the budget, we are going to also incorporate resources in the new budget to support the initial phases of our Strategic Plan.
Over the next several weeks, we will be having conversations with academic and administrative leaders, faculty and staff, working collaboratively to build a strong, but prudent budget recommendation to the University System.
All the best,