{"60258":{"#nid":"60258","#data":{"type":"news","title":"Budget Update from the President","body":[{"value":"\u003Cp\u003ETo the Campus Community:\u003C\/p\u003E\u003Cp\u003EDespite\na 3.8 percent increase in Georgia\u2019s net revenue collections for June 2010 (the\nfinal month of FY10), revenues dropped 9.1 percent over FY09.\u0026nbsp; As a\nresult, the Governor\u2019s Office of Planning and Budget (OPB) advised all state\nagencies that beginning in August, OPB will withhold 4 percent of the monthly\nagency allocation. \u003C\/p\u003E\n\n\u003Cp\u003EIn\naddition, current economic conditions have necessitated that the state utilize\nthe last of the federal stimulus funding to offset budget deficits, thus\nleaving none of this stimulus funding available for use in FY11. As a result of\nthis loss and the additional 4 percent cut, Georgia Tech will begin this\ncurrent fiscal year with a $12.2 million reduction in the FY11 budget. This is\nin addition to the cuts sustained by Georgia Tech over the past two fiscal\nyears, which have totaled $67 million, or 24 percent of the total state\nappropriation base.\u0026nbsp;\u003C\/p\u003E\n\n\u003Cp\u003EWhile\nthis is certainly not good news, in anticipation of continued declines in\nrevenues, we have been tracking the state revenue numbers and preparing for the\npossibility of reductions in both the FY11 and FY12 budgets. In response to the\nrequest from the University System of Georgia, we are assessing the impact of these\nreductions to our state allocation and preparing budgets that incorporate 4, 6 and 8\npercent reductions to the original FY11 budget, for submission to the Board of Regents\nin early August.\u0026nbsp; It is important to note that these reductions are to the\nstate appropriation, which only provides a portion of our funding, making the\nactual projected reduction below the 4 to 8 percent range. \u003C\/p\u003E\n\n\u003Cp\u003EWe have communicated this\nsituation to the vice presidents and deans and will keep you informed as we\ndevelop a strategy for handling the reduction planning.\u0026nbsp; Foremost in our\nefforts will be to ensure that we preserve the core mission of the Institute\nwhile maintaining our investment in the future. \u0026nbsp;\u003C\/p\u003E\n\n\u003Cp\u003EI thank you for your\ncontinued patience and support as we analyze the impact of these planning\nscenarios on the Institute and prepare for the coming year. \u003C\/p\u003E\n\n\n\n\u003Cp\u003E\u0026nbsp;G. P. \u201cBud\u201d Peterson,\nPresident\u003C\/p\u003E\n\n\u003Cp\u003E\u0026nbsp;\u003C\/p\u003E\n\n\u003Cp\u003E\u0026nbsp;\u003C\/p\u003E","summary":null,"format":"limited_html"}],"field_subtitle":[{"value":"Institute Preparing for Additional Cuts"}],"field_summary":[{"value":"\u003Cp\u003EDespite\na 3.8 percent increase in Georgia\u2019s net revenue collections for June 2010 (the\nfinal month of FY10), revenues dropped 9.1 percent over FY09.\u0026nbsp; As a\nresult, the Governor\u2019s Office of Planning and Budget (OPB) advised all state\nagencies that beginning in August, OPB will withhold 4 percent of the monthly\nagency allocation.\u003C\/p\u003E","format":"limited_html"}],"field_summary_sentence":[{"value":"Georgia Tech continues to track state revenue numbers and prepare for the possibility of further budget reductions."}],"uid":"15436","created_gmt":"2010-07-29 09:05:50","changed_gmt":"2016-10-08 03:06:59","author":"Automator","boilerplate_text":"","field_publication":"","field_article_url":"","dateline":{"date":"2010-07-29T00:00:00-04:00","iso_date":"2010-07-29T00:00:00-04:00","tz":"America\/New_York"},"extras":[],"groups":[{"id":"1317","name":"News Briefs"}],"categories":[],"keywords":[],"core_research_areas":[],"news_room_topics":[],"event_categories":[],"invited_audience":[],"affiliations":[],"classification":[],"areas_of_expertise":[],"news_and_recent_appearances":[],"phone":[],"contact":[{"value":"\u003Cp\u003ELisa Grovenstein, 404-894-8835\u003C\/p\u003E","format":"limited_html"}],"email":["lisa.grovenstein@comm.gatech.edu"],"slides":[],"orientation":[],"userdata":""}}}