University of Kentucky reduces number of expected furloughs, finds money to save jobs

[TexasTowelie]

The University of Kentucky’s next budget will have no reductions in force and fewer employees than expected have been furloughed, the university’s president announced Friday.

UK President Eli Capilouto said in the press release that he is directing portions of the university’s contingency fund, a pool of money generated largely when the university recently cut back on employee retirement funds, to help “augment the budget this coming year.” The move will save about 100 jobs, the university said.

University officials still predict a more than $70 million shortfall in the more than $800 million academic budget that begins in July, and the university announced that 100 more employees on the academic side were furloughed on Friday.

Separate from the academic side of the university, UK HealthCare expects a $131 million shortfall in the hospital’s $558.7 million spending plan for the current fiscal year and next, hospital officials said early this month.

Read more: https://www.kentucky.com/news/local/education/article242936316.html

[KY_EnviroGuy]

1. Thanks for posting this, TexasTowelie.

That's quite a cut for the hospital and at the very worst of times.

This part was a surprise to me:

Much of the university’s expected budget shortfall comes from a pandemic-induced enrollment drop in this fall’s incoming freshman class. At a Board of Trustees meeting earlier this month, officials projected a $27 million drop in tuition revenue alone.

KY........