The College and Graduate School of Arts & Sciences recently began constructing its budget proposal for the 2014-2015 school year. During the next few months, the College will work to organize its proposal before submitting it to the University in February.
Richard Myers, the senior associate dean for administration and planning, said the College uses the budget from previous years as a baseline for creating a new budget.
“We don’t start from scratch each year,” Myers said. “We have many base budget expenses and commitments. Most of the budget we have is fairly predetermined from one year to the next.”
But Myers said the College goes beyond simply looking at past budgets in setting one for the following year — it considers new proposals and investment opportunities each time it constructs its budget.
“We determine through a financial planning process what we think we’ll be able to invest in from one year to the next,” Myers said.
Myers said the College budget is generally about $190 million dollars. For the 2013-2014 budget year, the College budget was $185 million dollars.
University spokesperson McGregor McCance said in an email that the budgeting process will change beginning with the 2014-15 academic year.
“The current [and] historical approach is that the budget as it relates to funding from tuition and state appropriations is based on the prior year,” he said. “However, the new budget model which will be implemented for 2014-15 will change this approach and the part of the budget [generated by tuition and state appropriation] will be more closely related to actual activity [such as the number of students taught], rather than the previous year’s amount.”
Even now, not all revenue is not available to spend at the College’s discretion — certain revenue streams, including endowed professorships or some alumni’s donations, are earmarked for specific purposes.
“We get a state general allocation for the University,” Myers said.” We have more discretion on how those dollars are used relative to a restricted endowment or a restricted gift.”
According to the 2013-2014 budget summary, 61 percent of the College’s funds came from tuition and state general funds. Private funds, such as endowments and gifts constituted 19 percent of the College’s funds for the 2013-2014 budget year.
The College tries to spend most of its funds on teaching, research and service. Beyond those needs, the budget for the College lists recruiting and retaining faculty as well as renovations to Gilmer Hall and the Chemistry Building as top priorities in coming budget years.
The Board of Visitors will set a University-wide budget in the late spring.
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