OSHKOSH, WI (WTAQ-WLUK) – Over the last several months, UW-Oshkosh has had to make some difficult choices to tackle a budget deficit of $18 million.
That deficit resulted in layoffs, furloughs and ending in-person instruction at the UW-Oshkosh Fond du Lac campus. However, after crunching the numbers again, the university’s forecasted deficit is much lower.
Chancellor Andrew Leavitt shared the news in a letter sent to UW Oshkosh students and staff, saying the estimated deficit will be approximately $3 million.
“We got some updated budget projections, and while we had planned on finishing the year with maybe, a worst case scenario, of around a $6 million deficit, it now looks like that’s going to be closer to $3 million,” Provost and Vice Chancellor for Academic Affairs Ed Martini said.
Chancellor Leavitt was unavailable for an interview on Tuesday. However, Martini stepped in to provide context to the promising numbers heading into the winter break.
“It means we have eliminated almost $15 million now from our structural deficit. So we have a long way to go with plans in place to do it, but that’s really a positive sign.”
While university officials say the financial situation is progressing better than expected, the bottom line is it won’t be changing their restructuring plan.
“We’re on the right path,” Martini said. “It’s been a really challenging semester. We’re still dealing with the human toll and we know that this hasn’t come without a cost. Anytime you’re dealing with furloughs and layoffs, that takes a personal toll on the people.”
So far, more than 200 employees have been affected.
“Even now, this is good news, this is welcome news. It’s a signal we’re on the right path, but the message has to be that we stay disciplined, we stay the course, because we’re in this for the long haul,” Martini said.
Martini attributes the budget success to the university sticking with its restructuring plan set this past summer, as well as enrollment, retention and recruiting efforts. Earlier this fall, officials said the yield rate and first year class sizes were up, while enrollment as a whole was at the expected level.
“Of course everybody wants to be up, but 2% down is something that we worked hard to try to reach. We think we’re going to be okay at that level for the year ahead,” UWO Spokesperson Alex Hummel said in September.
Martini said the university’s goal is to completely erase the deficit by the end of the next fiscal year.
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