RIT on TV News: University Budgets

WROC (Channel 8) reports on how RIT and University of Rochester are managing budgetary concerns in the wake of the recent economic downturn.

The tough economic times have some local colleges coming up short. While most say that things are okay for now, they are preparing for the future. News 8s Jason Frazer has that.

The economy is on the minds of university presidents in the area. Both RIT's Bill Destler and U of R's Joel Seligman are taking proactive steps to save their universities money.

Seligman: Throughout all of our divisions, we're systematically reviewing costs. I know in my own budget we've directly addressed that. I've cut costs by about 5 percent for the 2009 year. I'm going to be reviewing cost structures from divisions across the board.

Destler: We don't have a hiring freeze, but I've asked our administrators to delay all but the most essential new hires for the campus, especially those needed for our instructional programs. We have delayed some facility renewal and campus beautification projects, things that we can delay without any real concern.

Both expect 2009 to be a challenging year. But despite the cuts, students should feel no effects.

Destler: RIT's fiscal health is quite sound at the time, but we are concerned, as are many other institutions, with an unknown future, and we're taking some measures in order to make sure we don't have unreasonable expectations as to the revenues and the costs of the institution moving forward.

Seligman: As we go forward, universities are unusually nimble, and what this will mean is that certain parts of the university are going to see significant impacts. Others, less so.

Both presidents say that both universities are financially sound, but they do expect so type of financial slowdown in fund raising. Jason Frazer, News 8.

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