SLIPPERY ROCK — Slippery Rock University has squeezed out of its anticipated $5.2 million deficit, for now.
SRU’s council of trustees has approved the university’s 2013-2014 budget of $114.5 million.
To balance the budget, SRU will use $500,000 in additional state performance funding, $1.08 million in reserves and implement nearly $3.6 million in personnel and nonpersonnel reductions submitted by each of the divisions.
The personnel reductions will be achieved by not filling vacancies and natural attrition.
“This balanced budget is the result of increased performance funding revenues, strategic reductions in each of the divisions, plus the use of institutional reserves,” said SRU President Cheryl Norton in the release.
However, Norton said the 2014-15 budget would be much tougher to balance.
“We have engaged the leadership in each of the collective bargaining units and have reached out to the entire university community, including students, alumni and friends, to involve them in the process and provide access to all the data and planning assumptions upon which decisions will be made,” Norton said.
Earlier this month, Norton said SRU was facing a “perfect financial storm,” predicting an accumulated deficit of $28.9 million over the next three years due to flat state funding, decreasing student enrollment and increasing expenses.
Layoffs and the retrenchment of positions will be considered, though Norton said they would be last resorts.