Significant cost mitigation strategies have already been implemented. To meet a required reduction in our 2024-25 budget of $11.2M, each division relinquished positions, reduced operations and maintenance budgets, and pivoted to more financially sustainable ways of conducting some core operations. A travel chill was implemented in Fall 2024, requiring reductions in travel budgets in each division and ensuring those resources are used for travel that is core to University and positional functions. Each division is currently reviewing their enterprise applications (i.e., large-scale software systems) and evaluating the continuing urgency of need for each. Similarly, divisional evaluation of professional memberships and the necessity of their continuity is also underway.
A number of additional cost mitigation strategies are being explored. These include overtime considerations, IT governance, facilities contracts, exploring opportunities for internal and external shared services, and space consolidation. The findings and decisions resulting from these investigations will be shared with the campus in Spring 2025.
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