‘IN THE RED’

BU budget reveals revenue overspending

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Back to Article

‘IN THE RED’

The Waller Administration Building.

The Waller Administration Building.

Patrick Halye

The Waller Administration Building.

Patrick Halye

Patrick Halye

The Waller Administration Building.

Sarah Erie and Jake Sachse

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Recently, Bloomsburg University released its budget plans for the 2019-2020 school year, revealing an overspending of revenue; the budget plan displays figures in the red, proving there is a lack of funds to cover the university’s expenses.
The reason for this apparent overspending according to Assistant Vice President of Finance, Budget and Business Services Claudia Thrush is “declining enrollment, a phenomenon being seen across the State System.”
The university is also expecting expenses to exceed the revenues for the 2020-2021 school year.
In the last year, Bloomsburg estimated exceeding the budget by around $3.8 million dollars. “Even though our tuition revenue came in less than expected, we were successful in reducing the gap to $1.8 million, as opposed to $3.8 million,” stated Thrush. The remaining deficit was paid off by the university’s reserve, or savings account.
“The University has ‘X-million dollars’ in reserves,” explained BU President Bashar Hanna. “We used some of that reserve money to cover that deficit.”
That number was later found to be $14,880,115 in uncommitted reserves, coming from less than planned usage/commitments of funds.
“It won’t negatively impact our students, and it won’t impact any operations at the university,” Hanna adds.