Spring Break
Hogan looks to cut costs with new task force
Katherine Martinez
Issue date: 11/21/08 Section: News
Due to the recent recession, a Cost Operations and Revenue Efficiencies (CORE) Taskforce has been assembled with the goal of saving 3 to 5 percent of state appropriated money, according to University President Michael Hogan.
Although the Taskforce was created by Hogan, he admits that the idea is not unique.
Several other universities, even private schools, have started similar programs that aim to save money. Thirty-five percent of the University budget comes from the state. But over the years, Connecticut has reduced the amount of money it gives the university. According to Hogan, UConn lost 3 percent of the money it usually receives this year and could possibly lose much more.
With this, the President has formed a task force that will consolidate spending, find ways to use money more efficiently and productively and generate 2 to 3 percent more money from other resources, said Provost Peter Nicholls.
Nicholls co-chairs the CORE task force along with Chief Financial Officer Richard Gray and Chief Operations Officer, Barry Feldman. There are a total of 11 people on the task force, which come from a diverse group of staff and faculty chosen by Hogan.
"Good planners plan for the worst and hope for the best," Hogan said. For this reason, the task force will do its best to plan for a possible 10 percent cut in the fiscal year of 2010.
The task force is in the early stages of planning, but has met twice so far.
"There are lots of ways to think creatively and bring in revenue," Nicholls said when addressing the goal of increasing revenue by 2 to 3 percent.
Sources of revenue other than state appropriated money include gifts, grants, tuition and philanthropy.
Additionally, the university earns money from the Dairy Bar, Dining Services, the Student Union, executive MBA programs and summer school programs, Nicholls said.
Hogan has asked the task force to present its ideas by Spring of 2009. According to Nicholls, the goal is to have feasible plans for the President to evaluate by February. Some of the plans can start immediately, but most will have to be phased in and may not be put into effect right away. Nicholls hopes to start saving money as soon as possible.
Despite the goal of saving money, the task force will be careful to make budget cuts that will not hurt the progress of the university.
"What is important to note is that this is a university with a mission, an academic plan and a commitment to provide the highest possible education," Nicholls said.
Although the Taskforce was created by Hogan, he admits that the idea is not unique.
Several other universities, even private schools, have started similar programs that aim to save money. Thirty-five percent of the University budget comes from the state. But over the years, Connecticut has reduced the amount of money it gives the university. According to Hogan, UConn lost 3 percent of the money it usually receives this year and could possibly lose much more.
With this, the President has formed a task force that will consolidate spending, find ways to use money more efficiently and productively and generate 2 to 3 percent more money from other resources, said Provost Peter Nicholls.
Nicholls co-chairs the CORE task force along with Chief Financial Officer Richard Gray and Chief Operations Officer, Barry Feldman. There are a total of 11 people on the task force, which come from a diverse group of staff and faculty chosen by Hogan.
"Good planners plan for the worst and hope for the best," Hogan said. For this reason, the task force will do its best to plan for a possible 10 percent cut in the fiscal year of 2010.
The task force is in the early stages of planning, but has met twice so far.
"There are lots of ways to think creatively and bring in revenue," Nicholls said when addressing the goal of increasing revenue by 2 to 3 percent.
Sources of revenue other than state appropriated money include gifts, grants, tuition and philanthropy.
Additionally, the university earns money from the Dairy Bar, Dining Services, the Student Union, executive MBA programs and summer school programs, Nicholls said.
Hogan has asked the task force to present its ideas by Spring of 2009. According to Nicholls, the goal is to have feasible plans for the President to evaluate by February. Some of the plans can start immediately, but most will have to be phased in and may not be put into effect right away. Nicholls hopes to start saving money as soon as possible.
Despite the goal of saving money, the task force will be careful to make budget cuts that will not hurt the progress of the university.
"What is important to note is that this is a university with a mission, an academic plan and a commitment to provide the highest possible education," Nicholls said.
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