DATE: June 29, 2023
TO: The SUNY Old Westbury Campus Community
FROM: Timothy E. Sams, President
RE: 2023-2024 Campus Budget
Good morning to the Faculty and Staff,
As we move on July 1, 2023 into the new fiscal year for our campus, I wanted to report on the state of our anticipated budget for the next 12 months.
In summation, our anticipated funding next year will total $43,050,975, which includes approximately $4.5 million in new funding from the state. Of that new funding, nearly $2 million is restricted for one-time funding for transformational efforts related to student success and for additional supports including mental health needs of students, supports for students with disabilities, issues related to food insecurity and more. The additional $2.5 million in new support is provided as operational aid.
Still, this encouraging news must be considered in the context of our anticipated expenses, which project to be $46,321,789 – representing an anticipated shortfall of at least $3.3 million.
With this picture in view, the SUNY Old Westbury Budget Committee provided me with recommendations on how to continue to responsibly manage our financial situation. Among its recommendations were that budgetary actions:
- Should reflect a faithful adherence to the institution’s mission.
- Should not negatively impact retention and enrollment.
- Should not affect the campus’ compliance with laws and regulations.
- Should be guided by a mitigation of risk for the institution.
- Should ensure the financial sustainability of the institution.
- Should not include layoffs to reduce PSR.
- Should not utilize more than $2.5 million from Cash Reserves.
- Must ensure the campus meets all its contractual obligations.
- Should target 10 percent reductions in overall OTPS.
Additionally, the committee recommended:
- Deferring the hiring of non-essential and non-critical personnel.
- A review by the Division of Business and Finance of all non-essential positions with Vice Presidents to determine whether positions should remain vacant.
- Restrictions in the use of overtime to health, safety, and emergency matters.
I thank the co-chairs and members of the Budget Committee for their deliberations and recommendations. I have notified the group that I accept all of the above items and will use them as we work to implement our budget for the coming year. Additionally, I have asked Cabinet to better map our enrollment numbers to the budget, and to identify further administrative efficiencies leading to budgetary relief. Lastly, as always, we will be prepared to adjust if needed when our financial allocation from SUNY is actually in place and should market and other forces affect our financial situation.
When I arrived on campus, I promised greater transparency about the institution’s budget process and outcomes. Through presentations each year and notes like this, I hope I am keeping that promise.
Our budget picture is better, but not yet strong. My hope is that, through continued collaboration, thoughtful fiscal management, and the forward-thinking planning we will be doing through Strategic Planning process, we will move our campus to better footing and an even more successful future.
Thank you.