As it awaits a final budget from the state of Ohio, The University of Toledo plans to shift the adoption of its 2018 operating budget until July 6.
UT leadership will ask the Board of Trustees during its regularly scheduled meeting on June 19 to adopt a one-month budget to bridge the gap between the end of the current fiscal year on June 30 and the adoption of the new budget.
Following approval of the state of Ohio biennium budget before July 1, UT will present its budget for the 2017-18 to the board at a special meeting scheduled for 8 a.m. on Thursday, July 6, in the Driscoll Alumni Center Schmakel Room.
“The state provides important funding sources for the University and given the unforeseen state revenue issues and a number of provisions in the pending state budget that could affect UT, it is important that we have all the details before we present a fiscal year budget to our board,” said Larry Kelley, executive vice president for finance and administration, and chief financial officer. “It has been at least 12 years since we have seen this level of uncertainty stretching into mid-June.”
During the last 18 months, the University has made strides in reducing costs and generating new income, Kelley said. UT is positioned well to adopt an operating budget that puts the institution in line to meet opportunities and challenges in the coming year.