An update from President J. Bernard Machen
Welcome to the 2007-2008 school year!
Many of you have probably heard that we face some unique financial challenges this year due to state budget cuts. While that's certainly true, I want to stress that I think we remain in a good position to move forward academically - and to continue to provide a rich and rewarding college experience.
Unfortunately, budget cuts affecting every state institution have forced us to seek reductions to UF's budget. We have already implemented a university-wide hiring freeze. A task force I appointed earlier this year is looking at many other options, including streamlining current processes, cutting UF functions and increasing revenue streams.
With that in mind, I think we have many reasons for optimism. These include:
- Our faculty research awards for the most recent fiscal year are up to $583 million, an impressive 12.5 percent more than last year.
- UF this past year was Florida's only university to receive two statewide Center of Excellence grants -- as well as $20 million for an ethanol pilot plant.
- Last year, we received the first ever Howard Hughes Medical Institute Professorship award to UF, along with several other prestigious awards.
- In fundraising, our 3-year-old Faculty Challenge Initiative has netted $207 million, far eclipsing the original goal of $150 million. Overall our endowment now stands at about $1.2 billion.
- UF has over $750 million in facilities construction planned and funded.
Let me add that last year's twin national championships meant a banner year for the University Athletic Association, and the UAA has donated $6 million to the university to help cover our budget shortfall. We will use the money in part to continue Florida Opportunity Scholars, an important scholarship that targets students who are the first in their families to attend college. We anticipate 400 new Opportunity Scholars this year.
Also, Florida lawmakers approved the state's first-ever tuition differential bill last spring. Starting in 2008-09, UF can raise its tuition as much as 40 percent, at a maximum rate of 15 percent per year above whatever the statewide increase is. That will guarantee we can continue to hire new faculty and student advisers, which in turn will give students the top-tier educational experience they truly deserve.
There's no question we would prefer a sunnier budget situation, but I have full faith we will continue to improve and grow despite the challenges. Let's make the coming academic year a productive and memorable one.
Sincerely,
J. Bernard Machen
President