University Analysis and Planning Project Status: Updates on the Work Groups
Work Groups continue to work diligently on their very challenging task. Each Work Group (Faculty, Staff and Cabinet) was asked to review their areas, gather input and look for opportunities to reduce spending. The goal is for each Work Group member to develop ideas for their area that reduce spending by 2% - 5% for the 2012-2013 academic year and 8% - 10% overall (total for the two years) by the 2013-2014 academic year.
The Work Group members looked for cost saving ideas in a number of areas, such as working more efficiently, combining areas, no longer offering certain services, etc.
During meetings in late April, each Work Group member presented the initial ideas for cost reductions, as well as suggestions for future investments. Each Work Group meeting provided members with the opportunity to hear what other members/areas are considering (and think about how those ideas might work in their area) and to comment on each area's plan.
The Next Steps Work
Group members are now reviewing their plans and continuing to refine them. They are working to better quantify potential cost savings (where needed) and expanding savings if needed.
Later this month, all the Work Group plans will be reviewed a final time and then consolidated into one report and presented to the Board for their review.
The goal is to begin implementing some of the cost savings ideas quickly to ensure the University's financial health. Because some cost savings ideas are designed for Year 2 (2013-2014), those ideas will be implemented the following year.