2nd all-funds budget aligns priorities
After closing a $300 million deficit, the University presents a FY24 plan that supports fiscal responsibility and strategic goals.
Behind the Numbers is a series that takes an in-depth look at the figures and policies that make up Carolina’s finances. We aim to shed light on the University’s financial situation, how various financial buckets fit together and what policies guide decision-making.
After closing a $300 million deficit, the University presents a FY24 plan that supports fiscal responsibility and strategic goals.
Nathan Knuffman, vice chancellor for finance and operations, is the man with the $4 billion budget plan, which he will present to the UNC System Board of Governors at its meeting on May 25.
The University’s research enterprise has seen remarkable growth in recent decades. Here’s a look at the numbers and what they mean.
When building repairs reach a certain level of cost or complexity, they become capital renewal projects, sometimes called deferred maintenance. That’s when a backlog can occur.
“For All Kind: The Campaign for Carolina” has raised more than $3.6 billion from more than 192,000 donors. That’s great news, but these funds are not a panacea for Carolina’s budget deficits.
University administrators answered the call to address the structural budget shortfall by aligning resources more closely with the academic mission of the University.
The University’s revenue sources vary, but nearly all have restrictions, while the University’s largest expense goes to salaries and benefits for its employees.
With Carolina facing a projected $300 million budget shortfall, it’s never been more important to understand University finances.
The plan includes reductions to personnel and operating funds across schools and units and eight budget-reduction principles to help guide decision-makers.
While the University faces financial challenges, efforts to mitigate the impact have saved millions of dollars.
Trustees say it’s time to address the previous $100 million deficit as well as the anticipated COVID-related $200 million budget shortfall.
The University is planning for various budget scenarios, along with preparing for the spring semester, which includes a new advisory committee.