Nov FY21 Budget and Mitigation Plan Update

Dear St. Thomas faculty and staff,

We have a budget update to share. The November Fiscal Year 2021 budget update is complete and was presented to the Board of Trustees at the November 5 board meeting. The headlines:

Our best-case annual deficit has grown slightly to $17 million (from $16.7 million) and

our worst-case projection has fallen slightly to $41.1 million (from $45.5 million).

The mitigation plan adopted in May 2020 (which recommended, among other strategies, staff salary reductions and employee retirement plan suspensions beginning May 15, 2020, through Dec. 31, 2020, and faculty salary reductions beginning Sept. 1, 2020, through April 15, 2021) remains sufficient to offset the $17 million. A decision will be made and communicated no later than December 9 on whether any further mitigation levers should be activated if it is necessary to protect for a larger deficit. Full details are available in the PowerPoint presentation here.

Thanks go to everyone in our community, for doing everything humanly possible to support our students and the university’s operations during this time. It is an incredible accomplishment that we are more than halfway through the fall semester and continuing to operate according to our best-case scenario.

As we look toward the balance of the year, there is still great uncertainty. By early December we will have a more confident projection on how we will finish the fall semester and an early read on J-term and spring enrollments. We will use both projections to update the mitigation plan and make any new recommendations to the president in early December. As mentioned above, decisions will be communicated to all employees no later than December 9.

On November 17, Dr. Julie Sullivan will be hosting an all-employee Town Hall with the goal of reviewing key topics discussed and feedback received at the recent board meeting. Ample time will be allowed to answer any questions you might have.  More details will be coming from Dr. Sullivan this week including a link to submit questions in advance.

As always you can check the Strategic Planning Steering Committee’s OneStThomas page for the latest communication.

Thank you for your commitment, your efforts and your energy. St. Thomas is grateful for all you do.

 

Warm regards,

Richard Plumb, EVP and Provost, committee co-chair

Mark Vangsgard, CFO, committee co-chair

Ed Clark, Chief Innovation Technology Officer

Al Cotrone, VP Enrollment

Abigail Crouse, Associate General Counsel

MayKao Y. Hang, VP Strategic Initiatives, Founding Dean of the Morrison Family College of Health

Kevin Henderson, Professor, Opus College of Business

Nora Fitzpatrick, AVP, Financial Planning and Budgeting

Marty Johnston, Professor, College of Arts and Sciences

Karen Julian, Chief Data Officer

Karen Lange, VP Student Affairs

Kymm Martinez, VP Marketing, Insights and Communications

Amy McDonough, Chief of Staff to the President

Sandra Menssen, Associate Dean, School of Education

Erin Muckerheide, Interim AVP Human Resources

Wendy Wyatt, Vice Provost, Academic Affairs