Higher education's portion of the latest round of cuts to the state budget has yet to be determined, but CU budget officials say the university will once again be a target for reductions. Gov. Bill Ritter's office announced Monday that the state faces an additional $240 million revenue shortfall in the current fiscal year.
"This adds to the challenges we already face in balancing this fiscal year's budget, but it also presents ongoing difficulties for next fiscal year and beyond," said Vice President and Chief Financial Officer Kelly Fox.
Legislative Council, a nonpartisan group that provides budget analysis to the Colorado Legislature, told the Joint Budget Committee on Monday that Colorado faces a $430 million revenue shortfall over this fiscal year and next. The shortfall is in addition to the cuts the governor announced in August (CU's portion to date is $81 million).
Higher education's share of the new round of cuts is expected to be announced in the coming weeks. The governor will submit a draft of his fiscal year 2010-11 revised budget Nov. 2.
Fox said CU will continue to work to balance its budget through a combination of revenue enhancements, efficiencies and strategic cuts. The university's legislative agenda will reflect that approach, Fox said.
"We intend to work with the Legislature in the upcoming session to see if the state will give us some freedom that will allow us to operate more efficiently," she said.