When COVID-19 closed the University of Nebraska campuses earlier this year it was clear that the financial effects of the shutdown would be felt for some time, but after revealing their budget this morning the true scale of cutbacks can start to be seen and even with them the University is seeing a significant budget shortfall.
"Everything that we have done today has been done with thought, making decisions about priorities, and then realizing that we are in a different place economically all as an outcome of COVID-19," said University of Nebraska President Ted Carter.
The pandemic which has changed almost ever aspect of society is making big changes with the University of Nebraska's budget as well, with almost every campus except NCTA in Curtis seeing their budgets cut.
"The University of Nebraska at Kearney we are planning for a 3.9% cut, University of Nebraska Omaha 3.9% cut, University of Nebraska Medical center a 2.9% cut, and University of Nebraska at Lincoln a 5.5% cut," said Carter
Carter said at Fridays press conference that the individual campus' chancellor's will have discretion on what cuts they make, and that the central administration office is also making a 10% budget cut. Despite all of these extensive cuts the University of still facing a budget shortfall.
"Due to some reductions in what we believe will be enrollment revenues as well as other impacts of COVID-19 we are still anticipating a 43 million dollar shortfall over the next three years. That's a 4.3 percent reduction in our planned budget for our state aided budget," said Carter.
Carter himself is also taking a voluntary pay cut to help the University through this financially difficult time.
"I have contacted the regents and informed them that I do not intend to take any of my merit based salary at the end of the year. As you know in my compensation package that is fifteen percent potentially of my base salary so I intend to have that as a donation back to the University of Nebraska system," explained Carter.
One of the most important things to stress with this new budget is the uncertainty that comes with it.
The true affects of COVID on enrollment and revenue wont be known for some time so the University is expecting that more changes might be necessary in the future.