Administrators at the University of Minnesota-Duluth are making plans to further reduce the school’s budget deficit by $6 million over the next two years.
On Tuesday, Lendley Black, the school’s chancellor, announced that the institution plans to continue working with the University system while making additional budget cuts and generating new sources of revenue to make up for its $12 million budget shortfall last year.
Declining enrollment numbers and reduced state funding contributed to the school’s discrepancy last year. The school announced Tuesday that it successfully reduced its deficit from $12 million to $6 million over the last year.
“The [University] system’s assistance and additional investments in UMD were critical in cutting our budget deficit in half,” Black said in an email to faculty, staff and students on Tuesday.
University Chief Financial Officer Richard Pfutzenreuter visited the Duluth campus Monday to discuss the school’s current financial condition and how the Twin Cities campus can assist in offsetting its budget woes, among other topics.
“My hope is that the [Twin Cities campus] will be able to help on that, just like we did last year, but also help in a way that allows them to grow out of their budget problem, not just cut their way out of it.” Pfutzenreuter said. “That means enrollment and adding programs that return revenue above expenses.”