The budget development process for fiscal year 2024 has begun with a focus on prioritization to support The University of Toledo’s new strategic plan, UToledo Reimagined.
The University is required to have a balanced budget approved prior to the start of the fiscal year on July 1.
University leaders are expected to receive their budget targets by the first week of April. In preparation, academic affairs and finance and administration leadership are sharing University-level areas of strategic allocation, which include more robust online degree programs, new high-demand and interdisciplinary academic programs, improved student success and transfer student services, and enhanced student recruitment initiatives.
“Higher education is being challenged across the country as we move forward in a post-COVID environment with increased competition to recruit a declining number of high school students and innovate to prepare successful future-ready graduates,” UToledo President Gregory Postel said. “We must respond with urgency to ensure the high value of a UToledo degree remains a great investment.”
“This upcoming budget cycle is an opportunity to take steps to right-size the University to our current student enrollment and prioritize our limited resources to support areas of growth opportunity,” said Matt Schroeder, executive vice president for finance and administration and chief financial officer. “Some of these initiatives will impact the upcoming fiscal year while others will take more time to realize. As we each evaluate our organizational structures in the weeks ahead, together we can strengthen UToledo well into the future.”
To support growth opportunities, the University will need to strategically reallocate resources as it continues its focus on services that support student success.
Academic and administrative units are being asked to model potential general fund budget reductions of 5% and 10% as the budget development process gets underway.
“It is important to note that there will not be across the board budget reductions as we are committed to strategic prioritization efforts,” Schroeder said.
The University plans to present the FY24 budget to the Board of Trustees at its scheduled meeting on June 14.
