The Iowa Legislature passed a bill that will eliminate $10.9 million of promised funds from the Board of Regents. The Board will determine how much Iowa State University will have to return with only three months left in the fiscal year.
President Wendy Wintersteen addressed the university community today upon passage of the bill.
Dear Iowa State Community:
A majority in both the Iowa House and Senate has approved a midyear budget reversion bill that will cut a total of $10.9 million from the Board of Regents for the current (FY18) fiscal year ending June 30, 2018.
As stipulated in the bill, Iowa State University and the University of Iowa will be the only Regents institutions to bear the reduction. The Board of Regents will determine how much each institution will need to cut.
Currently unknown are FY19 state appropriations to the Board of Regents and the Regents' decision on tuition rates for the 18-19 academic year. President Mike Richards has already indicated the Board will consider a rate increase. The first reading on tuition is scheduled for the April 11-12 meeting.
I am working with the Senior Vice Presidents to develop a plan to implement the midyear budget reduction while mitigating the impact on our teaching, research, and extension excellence, and critical student services. We also will engage university leaders across campus to provide input on this plan.
I want to thank the 200,000 members of the Alliance for Iowa State, including the faculty, staff, students, alumni, legislators, and stakeholders who advocated in strong opposition of midyear cuts. Nearly 20,000 of Iowa State's 36,000+ students are Iowans, and many nonresident graduates stay here in Iowa. Our supporters know these students are the future of this state and are well worth the state's investment in their growth, education, and development. They also know how efficiently Iowa State operates and that we have reduced or avoided costs totaling $22 million over the past four years. Our supporters understand that state appropriations result in an extraordinary return on investment in well-educated students, research-based innovations, solutions to critical problems, and economic development in all 99 counties.
The state's move to take back promised funds for the second year in a row makes this an especially difficult situation, but Iowa State University is strong and resilient. We will face these challenges together to seek the best possible outcome for our students, faculty, and staff.