Budget Update

Current as of November 10, 2011

Dear Colleagues,

This message is to update you on the state's projected revenue picture for the next fiscal year, as well as the status of a few projects that were mentioned in my Opening Address.

First, the campus updates:
As you may have noticed, contractors for the City of Rock Hill over Fall Break began preparation for installation of mast arm traffic signalization, similar to that on North Cherry Road. Weather permitting, work will be completed over holiday break, and ready to greet the campus community in the New Year. This collaboration advances Winthrop on two fronts: improving campus safety and making the area around campus a more vibrant, pedestrian-friendly environment.

Likewise, work continues apace on the new Subway sandwich shop in Dinkins Hall, in response to campus community requests. Opening in spring semester is planned. Phelps Hall up fitting likewise continues for fall 2012 occupancy. With all this activity already going on, Winthrop has decided to postpone one project that had been targeted to begin this academic year and scale back another: 
    Postpone conversion of Roddey Apartments to other uses, and 
    Scale back conversion of the Cherry Road Operations Center to new academic space.

While these projects remain on Winthrop's long-term plan, the recent volatility of the stock market makes it inadvisable to tap our debt service capacity to underwrite these projects at this time.

In other developments, the state Board of Economic Advisers today increased the state revenue estimate for this fiscal year by $400,000, with next fiscal year to grow by $500,000. Forecasters are predicting a legislative tussle between lawmakers and the governor over whether to use the money to rebuild state agency resources, or to use it to reduce state debt. The General Assembly will take up the budget when it returns to session in January.

We will keep you posted as further developments warrant.

Sincerely,

Tony DiGiorgio
President