College Addressing Deficit
As our previous edition went to press last spring, the college was facing a budget deficit of about $3 million for the 2018-19 fiscal year (July 2018-June 2019).
On May 1, the national enrollment deadline, it became clear that the class of 2022 would number about 260 students, around 100 fewer than expected, while retention of current students also dipped. These two developments, combined with soaring employee health care costs and increased need for financial aid, added substantially to the deficit.
Over the summer, four teams composed of trustees, faculty, and staff convened with intensity to rightsize the budget from $49 million to $42 million and realign resources and priorities to strengthen the college’s financial position over the next three years. As we were completing this edition of the magazine, plans for a leaner, more mission- and student-centric Beloit College were beginning to emerge.
In his “From the President” column, President Bierman offers perspective on the situation.