TAMPA (WFLA) – The University of South Florida plans to cut $36.7M from its budget following a decsion by the state.
The announcement was made by USF President Steve Currall that due to the impacts of COVID-19 on the state’s economy and tax revenue all state universities have been asked to make plans for an 8.5% reduction in recurring general revenue and lottery funds in the current fiscal year.
To balance USF’s budget the school plans to reduce salaries for USF’s senior leadership including a voluntary 15% reduction in salary for President Currall.
Cuts for members of the university’s leadership team will range from 6% to 10%, effective Oct. 2.
Currentley the school’s reductions include:
- Colleges: reductions of $13.4 million
- Academic support: reductions of $4.9 million
- University business support: reductions of $6.5 million
- USF Health: reductions of $6.9 million
- USF St. Petersburg campus: reductions of $3.1 million
- USF Sarasota-Manatee campus: reductions of $1.9 million
USF Athletics announced on Thursday a series of department-wide budget reduction measures that include the elimination of 30 positions and salary reductions or furloughs of varying levels for all salaried athletic department staff members for the remainder of the fiscal year.
Vice President of Athletics Michael Kelly, Head Football Coach Jeff Scott and Head Men’s Basketball Coach Brian Gregory are each taking a 15 percent pay reduction; suspension of all staff performance bonuses; suspension of all automobile stipends.
While all USF Athletics salaried personnel subject to salary reductions or furloughs the equivalent of 2-12.5 percent of their salary depending on their compensation level, with higher earners taking the largest reductions. The personnel-related actions will save the department approximately $2.5 million.
“Today is a day I hoped would never come, but the budget realities that have been exacerbated by the pandemic have caused us to reach this point,” Vice President of Athletics Michael Kelly said. “We have tremendously talented and hard-working people and they are a treasured resource, but we simply are not able to align our budget with current revenue projections without making extremely difficult and painful decisions that unfortunately negatively impact our staff and their families. While our sacrifice is shared, my heart breaks, especially for those colleagues whose jobs have been eliminated.”
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