2008 Woodie Awards
University officials say revenue options 'scary' with drop in state funding, greater need for financial aid
Tyler Will
Issue date: 2/1/08 Section: News
2/1/08 - State funding for the University of Rhode Island is dropping while the demand for financial aid is increasing. At the same time, the cost of keeping faculty and campus maintenance costs are also on the rise.
Vice President for Administration Robert Weygand presented these facts and other daunting financial figures before the Faculty Senate yesterday in the Kirk Center for Advanced Technology. President Robert L. Carothers said URI will become an institution independent of state funding in 2024 or sooner, and that the state government is only providing about half of what it should.
"It is time for some tough decisions and some creative thinking," Carothers said, referring to current options as "scary." But Carothers also stressed the need for immediate action.
"Continuing what we're doing now is scarier," he said. "Our challenge in this next year will be to grow our own revenue. That is a very significant challenge."
Carothers also said that faculty sacrifices may have to be made, in addition to possibly looking at a new health care program.
Weygand said state funding accounts for 26 percent of the university's revenue in the fiscal year 2008, while student tuition fees account for 62 percent of the university's revenue. The 2008 fiscal year began on July 1, 2007, and will end on June 30, 2008.
Weygand said URI lost $5.5 million in state funding since the last fiscal year, and more budget cuts are expected. The exact figure of the cut for the next fiscal year will be known later today, when R.I. Gov. Donald Carcieri will release the state's new budget figures. Carothers said the funding for URI could be a "horrific number."
"We are one of the poorest-funded states in the country," Weygand said. "There has been a total attitude change in the attitude in regards to public higher education."
Carothers said URI receives $75 million from the state. According to the 2008 R.I. state budget appropriations, Rhode Island College receives $45 million, and the Community College of Rhode Island receives $49 million from the state.
Vice President for Administration Robert Weygand presented these facts and other daunting financial figures before the Faculty Senate yesterday in the Kirk Center for Advanced Technology. President Robert L. Carothers said URI will become an institution independent of state funding in 2024 or sooner, and that the state government is only providing about half of what it should.
"It is time for some tough decisions and some creative thinking," Carothers said, referring to current options as "scary." But Carothers also stressed the need for immediate action.
"Continuing what we're doing now is scarier," he said. "Our challenge in this next year will be to grow our own revenue. That is a very significant challenge."
Carothers also said that faculty sacrifices may have to be made, in addition to possibly looking at a new health care program.
Weygand said state funding accounts for 26 percent of the university's revenue in the fiscal year 2008, while student tuition fees account for 62 percent of the university's revenue. The 2008 fiscal year began on July 1, 2007, and will end on June 30, 2008.
Weygand said URI lost $5.5 million in state funding since the last fiscal year, and more budget cuts are expected. The exact figure of the cut for the next fiscal year will be known later today, when R.I. Gov. Donald Carcieri will release the state's new budget figures. Carothers said the funding for URI could be a "horrific number."
"We are one of the poorest-funded states in the country," Weygand said. "There has been a total attitude change in the attitude in regards to public higher education."
Carothers said URI receives $75 million from the state. According to the 2008 R.I. state budget appropriations, Rhode Island College receives $45 million, and the Community College of Rhode Island receives $49 million from the state.