Faculty representatives raised questions about the University’s fiscal practices and financial future at Wednesday’s Faculty Senate meeting.
Board of Trustees Chair J. Landis Martin highlighted the University’s efforts to mitigate the impact of the pandemic on NU finances. Expecting a budget deficit, the University enacted staff furloughs and pay cuts. However, this resulted in an unexpected budgetary surplus of $83.4 million for fiscal year 2020.
“We’ve been fortunate that we were able to adapt to the new realities,” Martin said. “Our early predictions predicted that we’d be in a much more dire strait today than we turned out to be.”