Georgia Tech to Finalize FY21 Budget

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Rachael Pocklington
Institute Communications

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Summaries

Summary Sentence:

Georgia Tech’s Fiscal Year 2021 budget has been through several revisions and iterations, mainly due to the coronavirus pandemic and its effect on state revenues.

Full Summary:

Strategic decisions on the reduction amounts and action plans, including workforce strategies, will be reviewed and approved by the Executive Leadership Team beginning next week with a final FY21 budget expected next month.

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Georgia Tech’s Fiscal Year 2021 budget has been through several revisions and iterations, mainly due to the coronavirus pandemic and its effect on state revenues. In July, Georgia Tech announced that in addition to the budget cut to state appropriations of 8.7% (or $29,073,905) approved by the University System of Georgia (USG), it would also require units across campus to plan for an additional reduction of 2.5% to help account for expected shortfalls in student tuition and fee revenue. This additional budget planning exercise does not apply to Georgia Tech Research Institute or the Enterprise Innovation Institute.

Budget reduction plans were submitted on July 31 to Institute Budget Planning and Administration. Strategic decisions on the reduction amounts and action plans, including workforce strategies, will be reviewed and approved by the Executive Leadership Team beginning next week with a final FY21 budget expected next month. These decisions will be made in alignment with how fall enrollment is projected to materialize.  

“I recognize that this has been a challenging process for everybody, and difficult actions were proposed,” said Kelly Fox, executive vice president for Administration and Finance. “In evaluating our final plan, leadership will focus on student academic progression and quality of instruction; self-funded sponsored research that supports Georgia Tech; and putting people first by protecting as much employment as we can.”

As a reminder, the USG approved a Voluntary Separation Incentive Program (VSIP), designed to help Georgia Tech achieve its targeted budget reductions. The VSIP is a one-time, limited, separation incentive for retirement-eligible employees. Employees will have until Saturday, August 15, to sign up for the program. Visit hr.gatech.edu/voluntary-separation for more information.  

Fox added that because of the unpredictability of the pandemic, state and associated budgets will most likely remain fluid for the next year or so. “We acknowledge the stress and anxiety caused by this uncertainty and remain deeply committed to ensuring that all actions will be taken with fairness, compassion, and respect.”  

More information will be announced as soon as it becomes available.

Additional Information

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Administration and Finance, Financial Services, Human Resources, Institute Planning and Resource Management, News Room

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Status
  • Created By: Rachael Pocklington
  • Workflow Status: Published
  • Created On: Aug 12, 2020 - 4:33pm
  • Last Updated: Aug 12, 2020 - 4:33pm