The University of Toledo will undergo a budget development exercise similar to that undertaken a year ago, the Board of Trustees heard during its regular meeting Jan. 26. Only this time, the various arms of the institution will be asked to entertain reduction scenarios of 7 and 15 percent, as opposed to 5 and 10 percent last year, while brainstorming revenue enhancement opportunities.
“There is no better way to secure the future of the University and the future of existing full-time jobs at the University than to continue to be innovative leaders when times demand it,” said Dr. Scott Scarborough, senior vice president for finance and strategy.
Scarborough told the board that the budget development process is under way, with pre-hearing budget materials due at the Budget Office Feb. 16. Budget hearings will begin March 12, with input from various constituent groups being sought on the proposed budget before its formal presentation to the board’s finance committee April 20.
“There are great many unknowns at this particular point in time,” said President Lloyd Jacobs. “However, we do know that this is a time that calls for greater unity of purpose and collective belt tightening. This exercise will help us assure that we remain focused on our strategic objectives in the face of financial difficulty. We will emerge a stronger University of Toledo.”
“This exercise and these scenarios are in no way a call for across-the-board cuts,” Scarborough emphasized. “They are designed to stimulate creative thinking that challenge historical assumptions and models the state government may no longer be able to afford. We are looking forward to a broad and participatory process, with input from faculty, staff and students.”
In other action, the board approved:
• The naming of the Joan and Jack Jacobson Center for Clinical and Translational Research;
• A resolution to authorize the sale of property to the UT Foundation for the Dorr Street Gateway Project;
• A resolution allowing the creation of three Main Campus Employing Units;
• A resolution authorizing the establishment of one or more Early Retirement Incentive Programs as outlined in the Ohio Revised Code; and
• Ratification of a pharmacy automation lease as part of the Digital Campus Project.
