MSU looking to close a $54 million budget gap
EAST LANSING, Mich. (WILX) - New information is coming in about the money problems at Michigan State University.
MSU has announced enrollment is down nearly 900 students from last year. Between that and the state funding, that was just finalized a few weeks ago. The university is in a $54 million financial hole.
The university announced several cost-cutting measures in June, including pay cuts and furloughs. Now, President Samuel Stanley says the administration will have to look for more.
MSU will go through with raises that have already been negotiated with union employees. The athletic department will have to make its own adjustments to stay self-sustaining, even though there won’t be ticket revenue for fall sports including football. Residential and hospitality services will also have to tighten its belt to deal with the loss of room-and-board money.
President Stanley plans to meet with the Board of Trustees to figure out where to cut next. President Stanley does admit there are going to be more of what he calls “shared sacrifices” to close that $54 million gap.
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