University News
FY'11 Cash Flow Update [1/20/11]
January 20, 2011
Dear Campus Community:
Following the legislature's vote last week to increase taxes in the state, I am writing to provide a cash flow update. Like all of the public universities in the state, Western continues to face cash flow issues as a result of delays in state payments.
Currently, Western is waiting on FY'11 reimbursements from the State of Illinois of approximately
$50 million ($37.6 million, operating funds; $10.4 million, Illinois Student Assistance Commission funds; and $2.4 million, Illinois Veterans Grants). The University has received $6.6 million from the state for Fiscal Year 2011 operating funds. We are now waiting to determine what impact the future revenues from the tax increase will have on higher education and its impact on reimbursements from the state.
The University will meet its January payroll. In order to continue to meet our payroll obligations (which total $9 million per month) in the coming months, and to continue to provide services and resources to our students, we continue to limit spending and most travel. Vacant positions are reviewed carefully and we will hold as many as possible to conserve funds. We are working hard to conserve resources.
As I have stated previously, the University is not currently considering furloughs or a workforce reduction as cost-saving measures, and we will meet payroll. At this time, we are relying a great deal on our income funds, which include tuition and fees. We will continue to work with our state legislators and the comptroller's office in an effort to take the burden of the lack of state funding off the back of Illinois students and their families.
Thank you for your dedication and support.
Sincerely,
Al Goldfarb
President
Posted By: University Communications (U-Communications@wiu.edu)
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