To keep the campus community informed about efforts to bring the core funds budget into balance, UC Santa Cruz has released a quarterly financial summary, revenue generation recommendations, and the framework used to determine the multiyear reduction plan.
Quarterly financial summaries will be shared regularly with the campus community to provide an update on revenues and spending. The reports will include information about projected and actual revenues and spending for the fiscal year.
The projections in the fiscal year 2024-25 Q2 Core Funds Summary show the campus making progress toward reducing the core funds deficit. Current projections show it is on track to be reduced by $26 million this fiscal year (down from $111 million to $85 million), though changes in state or federal funding could impact revenues and changes in expenditure patterns could affect the campus budget.
Pursuing new revenue opportunities
As part of its charge to identify and evaluate potential revenue opportunities, the Revenue Augmentation Committee (RAC) has developed a set of ideas and recommendations for campus leadership to consider in order to enhance the university’s financial sustainability.
Campus leadership is in the process of reviewing the recommendations. Some will be incorporated into existing committees or assigned to principal officers to review.
Multiyear framework guides plan
As announced in mid-January, UC Santa Cruz has developed a multiyear framework to balance the core-funds budget with spending reduction targets across four categories: central, instruction, strategic and divisional. More information about the spending reduction categories and targets is available online.
To help the campus community understand the considerations that went into the plan, please refer to the UC Santa Cruz Budget Advisory Committee’s report. The committee offered three pathways over the next three fiscal years for consideration. The report informed the approach described in the mid-January budget update.
UC Santa Cruz will continue to share updates about the progress to bring the core funds budget into balance on the Finance, Operations and Administration website, as well as in various campus fora.
