Governor Sonny Perdue announced this morning that Oct. revenue collection was down. Last month saw revenue of $1,140,090,000, a decrease of $240,770,000 or 17.8% from last year’s October revenue of $1,386,160,000. Revenue between fiscal year 2009 and fiscal year 2010 is down a total of 15.1%.
This continued decrease in state revenue will cause a move to 8% budget cuts for the University System of Georgia. Contingency plans were made for 4%, 6% and 8% budget cuts earlier in the Fall semester. 8% budget cuts will not result in more furlough days for staff and faculty members for this spring, but might increase the mandatory “academic excellence fee”.
“The proposed 8% reduction in the state-funded portion of Georgia Tech’s budget would translate to a total of $18.8 million in cuts to our budget. Based on the results of the Board of Regents meeting next week, we will continue to evaluate budget reduction decisions.” said Institute President G.P. “Bud” Peterson.
The State Board of Regents will be meeting Nov. 17 and 18 to vote on budgetary measures, including a potential $100-$150 increase to the Academic Excellence mandatory fee. This mandatory fee will not be covered by Hope or any needs-based scholarships, and any increases will be effective for the Spring 2010 semester.