Post by libby on Feb 1, 2016 23:34:24 GMT -6
UW System finances still 'relatively strong' as reserves drop
While budget cuts are occurring on campuses across the University of Wisconsin System this year, the system's own annual report released Monday said its financial standing "remained relatively strong" as of June 30, the end of the last fiscal year.
That's just a snapshot in time, UW System officials said, and it does not account for $250 million in state budget cuts that will come into play between this fiscal year and next.
It's like seeing money in a bank account on a particular day, said Julie Gordon, UW System interim vice president for finance.
"If you are spending down long-term, you can't continue to spend down" and still have money, she said.
"I would say our financial health is worse than before," Gordon said. "Is there a risk of us not being able to make payroll? No. Have we taken a step down? Yes. ... It's my opinion this is a trend that is not sustainable long-term."
Read more: www.jsonline.com/news/education/uw-system-finances-still-relatively-strong-as-reserves-drop-b99661525z1-367239591.html
While budget cuts are occurring on campuses across the University of Wisconsin System this year, the system's own annual report released Monday said its financial standing "remained relatively strong" as of June 30, the end of the last fiscal year.
That's just a snapshot in time, UW System officials said, and it does not account for $250 million in state budget cuts that will come into play between this fiscal year and next.
It's like seeing money in a bank account on a particular day, said Julie Gordon, UW System interim vice president for finance.
"If you are spending down long-term, you can't continue to spend down" and still have money, she said.
"I would say our financial health is worse than before," Gordon said. "Is there a risk of us not being able to make payroll? No. Have we taken a step down? Yes. ... It's my opinion this is a trend that is not sustainable long-term."
Read more: www.jsonline.com/news/education/uw-system-finances-still-relatively-strong-as-reserves-drop-b99661525z1-367239591.html