St. Cloud State Has Budget Deficit Between $8-$10 Million
ST. CLOUD - After years of declining enrollment, St. Cloud State President Earl Potter announced on Thursday that the University has a budget deficit between $8-$10 million.
The University has had declining enrollment during the last three years, while the number of faculty and staff on the payroll has remained the same.
In order to address the budget shortfall, Potter announced that the University will implement a flexible hiring freeze. The freeze will apply to all positions except for those that must absolutely be filled, or those fully funded by contracts and grants.
"We anticipate that this flexible hiring freeze will last at least through this fiscal year and perhaps beyond," Potter says.
The University is anticipating a tuition revenue decrease this fall with a projected decline in enrollment between 4-5 percent.
Potter adds that the University must focus on enrollment growth and student retention.
St. Cloud State is currently developing a two to three year work out plan to close the budget gap and right the financial situation.