There was significant and spirited discussion at last week’s Regents meeting about UC’s financial condition, including remarks by President Yudof about systemwide furloughs and layoffs, student fee increases, and the state’s responsibility to support UC.
There were also presentations by EVP/CFO Peter Taylor on misconceptions about University reserves, and Budget VP Patrick Lenz on the budget and discussions in Sacramento.
Below are excerpts and reports from the meeting, including video clips of President Yudof, and other materials we hope you find useful.
Watch a video of President Yudof as he addresses budget issues at the Regents meeting. Yudof talks about the right for students to be angry over the possibility of fee increases, the need to slash costs and the importance of not compromising quality or access.
Review a recap of budget discussion at the Regents meeting, as well as interesting statistics.
View myths and facts about unrestricted assets. Peter Taylor, Chief Financial Officer for UC discusses the persistent myth that UC could offset steep reductions in state support by tapping a treasure chest of billions of dollars in unrestricted net assets.
- UC still faces a $535 million budget gap in 2009-10 that, without any additional revenue, could grow to more than $600 million in the next fiscal year.
- The state budget deficit is projected to reach $7 billion to $8 billion for 2010-11.
- The state now funds each student by about half of what it did only two decades ago.
- Regents curtailed freshman enrollment by 2,300 students this fall, but UC continues to be over-enrolled by 14,000 students. They’ve begun discussing a potential second year of reductions of California resident freshman enrollments for fall 2010.