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Tuesday, October 20, 2020

Administration

Board of Regents approves FY2021 budget at quarterly meeting


The University’s budget for FY2021 will feature a reduction in state revenue and central funds. | File photo

The UH Board of Regents approved the proposed UH budget for the 2021 fiscal year at their quarterly meeting Thursday. The budget accounts for a five percent cut in state general revenue from FY2020.

Overall, the University will experience a 7.5 percent reduction in central funds for FY2021 and plans to hold excess budget revenues in reserve until fiscal unknowns are resolved. Despite reductions, the University aims to minimize the impact that cuts may have on its core missions.

Total proposed revenue for FY2021 comes in at approximately $1.28 billion, with tuition and fees comprising over half of all revenue at around $503.3 million, according to the FY2021 operating budget. 

A portion of this revenue will come from auxiliary services. Each UH system campus has developed fiscal plans to fund auxiliary services. Each auxiliary created high, low and medium finance scenarios.

For UH Main Campus, auxiliary services are expected to break even based on a budget that accounts for a 75 percent decrease in demand.

UH administration and finance chief Jim McShan remained optimistic that the ongoing coronavirus pandemic will not have a significant financial impact on the University.

“Each (UH) campus is in a position to be in a better position going forward (than) before we got into this mess,” said McShan.

UH President and Chancellor Renu Khator expressed her gratitude to faculty and staff for their understanding as the University has sharply curtailed expenditures since transitioning online in Spring 2020.

“I give a lot of credit to faculty and staff here who pulled together, who understood why we had to do what we had to do,” said Khator. “I think the kudos overall go to faculty and staff. They’ve been extremely patient about where we are.”

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