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Managing University Budget Woes

Managing University Budget Woes. Alabama Association of Colleges & Employers January 22, 2010. EDUCATION TRUST FUND PRORATION. Fiscal Year % 1978-79 3.0% 1979-80 6.1% 1980-81 3.6% 1985-86 4.2% 1990-91 6.5% 1991-92 3.0% 2000-01 6.2% 2002-03 4.4%

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Managing University Budget Woes

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  1. Managing University Budget Woes Alabama Association of Colleges & Employers January 22, 2010

  2. EDUCATION TRUST FUND PRORATION Fiscal Year % 1978-79 3.0% 1979-80 6.1% 1980-81 3.6% 1985-86 4.2% 1990-91 6.5% 1991-92 3.0% 2000-01 6.2% 2002-03 4.4% 2007-08 6.5% 2008-09 18.0% Source: State of Alabama, Budget Fact Book, Fiscal Year 2009-2010 http://www.lfo.state.al.us/publications.htm

  3. State of Alabama Tax Collections Fiscal Year Collections ($) Percent Change 2008-09 4,852,430 (5.42) 2007-08 5,130,423 (1.29) 2006-07 5,197,444 21.74 2005-06 4,269,169 5.30 2004-05 4,054,285 6.41

  4. Source: Higher Education Partnership Update, January, 2010 www.higheredpartners.org

  5. What Do We Know About This Recession... Far-reaching and unprecedented… Entry level hiring declined by 22% - starting salary offers by 1.2% Co-op hiring down 11% and intern hiring down by 21% 7.5 million jobs lost since December 2007 – double digit unemployment (projected to peak at 10.5%); expected to last through 2010 Many of those jobs not returning – e.g. automotive industry The 1.5 million college graduates this year are joining 1.85 million workers with bachelor’s degrees who are currently unemployed – according to the Wall Street Journal there are 6 known possible candidates for every publicly posted job. Source: Intern Bridge Career Services On-line Interactive Conference, January 6, 2010 Manny Contomanolis, PhD, Rochester Institute of Technology

  6. What Do We Know About This Recession... Current unemployment rate for those with bachelor’s degrees has doubled since last year to 4.1% or more depending on the data source. To stay at the current rate of unemployment, it would require an additional 125,000 jobs a month to absorb new workers entering the job force Hiring is projected down in every major region of the country with greatest decline in the Northeast (-38.9%) and the West (-31.9%) No major industry is unaffected Similar trends are being reported globally – notably Europe and Japan. Even China faces major unemployment for college grads Source: Intern Bridge Career Services On-line Interactive Conference, January 6, 2010 Manny Contomanolis, PhD, Rochester Institute of Technology

  7. What Does This Mean For Our Offices? • Fewer financial resources yet more pressures and demands – from everyone! • How do we stretch the dollars we have? • Follow the money! • What does this mean for us personally?

  8. Fewer Resources, More Pressures & Demands • More students, more demands • Less employers coming to campus, but asking us to be more creative in helping them gain access to selected, qualified students on campus • Smaller staffs, more TO DO’s on the list • Technology – keeping up with the changes

  9. How Do We Stretch The Dollars We Have? AU Career Development Services Operating Budget* 1998-99 FY $45,750 2009-10 FY $45,280 *excluding salaries

  10. How Do We Stretch the Dollars We Have? • Evaluate everything we do and how we do it. Tie to university strategic priorities • Determine the key services and programs – the must haves • Determine return on investment – program/service related to cost per participant • Partner with others campus offices – academic advisors, support services, student groups – find common ground • Eliminate the “extras” – be as efficient and effective as we can

  11. How Do We Stretch the Dollars We Have? • Utilize students to provide services - hire work study if possible, develop a peer advising program, student career ambassadors • Delta Epsilon Iota (DEI) – set up a chapter on your campus • Share ideas with others – we’re all in this together! • Utilize technology – a good thing but can also be an added stress

  12. Follow the MONEY • Think like an entrepreneur • Stimulus money • JLD funds – if you don’t currently receive these funds, check with your Financial Aid Office • Grants/scholarships • Charge for services

  13. What Does This Mean For Us Personally? Are We Asking More of Ourselves? You Bet! • Stay positive • Be on guard for signs of burnout • Find a mentor/confidant

  14. What Does This Mean For Us Personally? Are We Asking More of Ourselves? You Bet! • Find ways to stay motivated • Take control of your own career development • Continuously sharpen your skills • Say abreast of new trends • Stay on your toes

  15. Managing University Budget Woes Alabama Association of Colleges & Employers January 22, 2010 Nancy Bernard Career Development Services Auburn University NMB@auburn.edu 334-844-3877

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