UC Trustees approve $1 billion budget - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

UC Trustees approve $1 billion budget

CINCINNATI, OH (FOX19) -

The University of Cincinnati Board of Trustees has approved a budget plan for the fiscal year that begins July 1. The budget totals just a bit more than $1 billion.

"Although these remain challenging times, there is some good news as we look at the close out of the current budget year and look ahead to the next year," said Robert Ambach, senior vice president for administration and finance.

Ambach said the university projects a strong bottom line for the current fiscal year, with a positive net of $17.4 million. The projected positive balance includes $2.5 million in year-end revenues exceeding expenses and transfers; $1.1 million in unspent reserves; and $11.5 million received for UC's 12th monthly payment of State Share of Instruction. The university did not budget this payment after the Ohio Board of Regents announced in October that Ohio would delay the payment. Because of improved state finances, UC received the payment.

In drafting the FY12 budget, Ambach said, the university made several assumptions.

  • UC assumed a decrease in state subsidy. However, rather than the 25 percent reduction originally anticipated, the state share of instruction for UC will only decrease by 14 percent.
  • In addition to the overall state funding cut, UC also budgeted for a 15 percent decrease in state funding for other line items, including clinical and other medical areas.
  • The projected budget assumes flat enrollment and a 3.5 percent increase in tuition and fees.

The budget for FY12 budget plan includes a significant reserve, as did UC's FY11 budget.

"The state budget has some soft spots, and so it makes sense to plan for a possible slippage in state revenue projections," Ambach said.

Although a university-wide budget cut of 12 percent was necessary to balance the university's budget, some departments were asked to take bigger cuts to help to build reserves or to invest in areas of excellence or provide protection for critical units.

"For instance, Public Safety will be given some budget relief to continue our efforts in campus safety," Ambach said.

The budget does include some increased spending for strategic initiatives, including initiatives related to UC2019 and investment in a new student information system. 

 

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