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Money Matters
  • Budget Updates

Budget Update

Current as of September 3, 2009

Dear Colleagues:

As expected, the State Budget and Control Board members today voted to reduce all state agencies appropriations by 4.04%. Board members indicated this action is necessary in part because the state ended the last fiscal year, which concluded on June 30, with a deficit of $328 million.  Therefore, funds are being borrowed from this year’s revenue to balance the books for last fiscal year, which in turn means cutting the appropriations to all agencies for the fiscal year that has just begun.

At Winthrop, such a further reduction to an appropriation that already has been reduced by 26 percent over the past 14 months would be a matter of about $721,000.

As indicated to you in my Opening Address, Winthrop anticipated this action, and developed its FY 09-10 spending plan with that in mind, so we are prepared to meet and absorb this level of reduction by staying with our existing plan. Additional cuts arising later in the year would have to be dealt with separately, depending on their depth and timing.

There are some positive signals of leveling in the economy overall, though in South Carolina, unemployment continues to be the major concern. State economists say they do not expect revenues to improve markedly anytime soon, as S.C. still suffers from the economic downturn that began almost a year ago.

Please know Winthrop continues to monitor all aspects of this situation, and will keep you posted as warranted. Meanwhile, many thanks for all your contributions to a successful beginning to our new academic year.

Sincerely,

Tony DiGiorgio

 

CONTACT INFORMATION
Office of the President
114 Tillman Hall
Rock Hill, SC 29733, USA
803/323-2225
803/323-3001 (fax)