Budget allocations are authorizations to incur expenses or obligations up to a specified amount for a specific purpose and defined period of time. Rebalancing means reallocating (adjusting) those budgeted amounts, or associated program expenditures, in relation to the current budget. In both instances the reallocation of funds or expense from one category to another does not increase the total budget or expense, but better aligns available program support where it is needed most.
Buffalo State is facing financial challenges resulting from multiple years of declining state support and, more recently, declining enrollments. For 2017/18 we are projecting a deficit of as much as $7.4 million between our projected revenue and projected operating expenses on an all-funds basis.
The goal of the budget rebalancing process is to develop a plan to close the gap in a strategic manner to ensure fiscal integrity, increase efficiencies, and assist the campus in functioning with optimal effectiveness. In this way we can best achieve our mission of providing students with a meaningful, relevant and empowering educational experience.
As we undertake budget rebalancing, we will adhere to certain principles to ensure that the best options and strategies for reducing expenditures and enhancing revenue are identified:
Budget rebalancing will be a multi-year, iterative process during which potential solutions will be solicited, evaluated, considered for implementation, and implemented if chosen.
The Budget Committee Support Group will lead the effort to solicit and receive input campus-wide. Faculty, staff and students have been invited to share their suggestions for rebalancing the budget. This idea-gathering process began with presentations to a number of campus groups and will include a series of budget focus groups. Those unable to attend may complete and submit a comment form.
Ideas and suggestions gathered from the campus community will each be evaluated for possible implementation. All budget reduction proposals will be provided to the Budget Committee Support Group for review, prioritization, and generation of final recommendations. Recommendations will be forwarded to the President's Cabinet.
The President will make final decisions about the budget rebalancing in consultation with the President's Cabinet. Approved ideas for budget realignment will be put into operation and promulgated to the campus community.
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