Inside ArchivesSubmit newsSend news for Inside to inside@iastate.edu, or call (515) 294-7065. See publication dates, deadlines. About InsideInside Iowa State, a newspaper for faculty and staff, is published by the Office of University Relations. |
April 13, 2007 FY08 budget taking shape, includes internal reallocationUpdate by President Gregory Geoffroy Although final decisions on the university's FY08 budget await action by the Iowa legislature, we are preparing a preliminary budget outline to submit to the Board of Regents, State of Iowa, on May 1. As we develop that outline, I want to provide you an update on the budget picture - which is very positive. Appropriations bills that fund Iowa State and the other regent universities have not been approved, but action is expected in the next couple of weeks as the Legislature works toward a possible late April adjournment. Following Gov. Chet Culver's strong funding recommendations for the regent universities in January, the legislature has responded very favorably. The draft appropriations bills give us reason to be optimistic about state support for FY08. In fact, we may see the largest allocation of new funds to the regent institutions in many years, and we greatly appreciate the commitment legislators are showing to Iowa State. But, even with this expected improvement in state dollars, we will need to make budget adjustments for the year that begins July 1. To ensure our proposed budget is balanced, we will implement a 1 percent internal reallocation that will generate $3.77 million. Our vice presidents, deans and directors are working on their budget plans to carry out this reallocation. Reallocations like these are always challenging, but they are necessary to ensure the continued excellence of Iowa State and to cover the $13.7 million in recurring operating expenses that must be funded. Those include the FY06 and FY07 expenses that were financed with one-time funds and a series of FY08 cost increases that include funding for university libraries to support our teaching and research programs, ever-increasing utility costs and the costs of opening new buildings. We also plan to increase financial aid for students, including at least $1.6 million more for need-based aid. As soon as the legislature finishes its work and Gov. Culver signs the budget bills, we will finalize the university's FY08 budget, including our salary increase plans. Those will be communicated to you as soon as we are able. |
Quote"Reallocations like these are always challenging, but they are necessary to ensure the continued excellence of Iowa State and to cover the $13.7 million in recurring operating expenses that must be funded." - President Gregory Geoffroy |