Coleman says more savings needed in coming years
The university must identify $100 million in additional cost savings over the next three years to deal with a state funding outlook that shows no signs of improving soon, President Mary Sue Coleman said Monday.
The statement came as Coleman updated the Senate Assembly faculty governance body on a variety of topics that she previously outlined in her State of the University address, including U-M’s financial well being.
Coleman reiterated that the university’s finances are stable, largely because of tough decisions that trimmed $135 million in spending in the last seven years, and wise investment strategies.
However, she said, U-M must cast its budget-cutting eye to the long term, and she asked that everyone do what they can to help control costs. She highlighted a push for more spring and summer classes and ongoing efforts to improve space utilization as two examples of ways to reduce spending and boost revenue.
“We’re going to need to do more,” she said. “The budget problem is not just my problem. It’s not the regents’ problem. It’s everybody’s problem.”