Campus News
Campus shares information on third quarter financials, state budget, new budget website
UC Santa Cruz continues to release quarterly financial summaries to provide regular updates on revenues and spending in core funds
To keep the UC Santa Cruz community informed about efforts to bring the core fund revenue and spending into balance, the campus is sharing the 2024-25 Q3 Core Funds Summary, and providing additional information about the state’s revised proposed budget for 2025-26. The campus will also soon launch a new website for the Budget Analysis and Planning Office.
UC Santa Cruz continues to release quarterly financial summaries to provide regular updates on revenues and spending in core funds. The reports include information about projected and actual revenues and spending for the fiscal year.
The projections in the fiscal year 2024-25 Q3 Core Funds Summary show the campus making progress toward reducing the core funds deficit. The latest projections show that the deficit is on track to be reduced by $30 million this fiscal year (down from $111 million to $81 million). The campus is in its second year of working to align core fund revenue and spending, and will continue to follow the multi-year framework in the coming fiscal year.
Changes in state or federal funding will also impact revenues, and changes in expenditure patterns could affect the campus budget.
Governor issues revised state budget proposal
Governor Gavin Newsom released a revised budget proposal for 2025-26 last week that seeks to close an estimated state government shortfall of $12 billion.
The proposed budget reduction for the University of California has been reduced from 7.95 percent to about 3 percent. The draft budget continues to defer a 5 percent state funding increase negotiated in the compact between the UC and the governor, among other changes.
Since the campus has been planning for a deeper cut in state funding, if the three percent reduction is what the Legislature approves next month, it will help offset the impacts of federal funding/policy changes that were not captured in budget planning.
President Drake thanked Gov. Newsom for recognizing the University of California’s contributions to the state. Additionally, regional members of the state Legislature are advocating that the reduction to the UC be even less. The campus will continue to closely follow actions coming from Sacramento.
New website for Budget Analysis and Planning
The Office of Budget Analysis and Planning will soon launch a new website as part of the campuswide Web Improvement Project.
The website is being redesigned to help provide easier access to campus budget information, while also helping campus financial planners and analysts get resources related to models, assessments, and reporting.