Radford University adopts resolution to develop budget reduction strategies
Today, the Radford University Board of Visitors held its annual meeting and adopted a resolution [PDF] regarding the development of budget reduction strategies following information and directives issued by the Commonwealth of Virginia. As part of the Board’s action, Rector Robert A. Archer stated, “The approved resolution is in accordance with and in response to the Board’s fiduciary responsibility for the financial affairs of Radford University as a result of the COVID-19 global health pandemic and the subsequent economic downturn.”
Rector Archer added, “The impact, which will be both challenging and significant, is anticipated to fully develop over the course of the Commonwealth’s upcoming biennial budget. And, as you may be aware, the Commonwealth will be making reductions to the biennial budget, thereby impacting all state agencies and public institutions. While the exact amount of that reduction is unknown at this time, Radford University must begin preparing for significant reductions for the upcoming biennium from July 1, 2020 through June 30, 2022.”
President Brian O. Hemphill, Ph.D. said, “Our University will always be rooted deeply in the practice and tradition of teaching. In order to complement that storied history, we recently implemented a variety of innovative approaches to diversify our offerings and expand the way in which we engage with our students and the community. However, more must be done to ensure the further growth and continued stability of our institution. And, while other institutions across our state and nation are implementing across-the-board furloughs and salary cuts, Radford has not and does not plan to utilize these broad-based strategies. We will avoid impacting all employees. As such, the Radford family must be committed to strategically addressing the need to re-engineer Radford University for the short-term, as well as the long-term.”
As part of the meeting, President Hemphill indicated the development of budget reduction strategies with engagement from campus stakeholders. He shared, “This comprehensive approach will examine the University’s operations, programs, and services in order to determine consolidations and/or eliminations consistent with recent trends, which are driven by student needs and choices. At the same time, we must invest and support areas that are both in demand and in accordance with our mission. Likewise, in order to continue our fiscal strength, we need to examine student interests and measurable outcomes. Although any and all decisions regarding changes will be difficult, such decisions are necessary given our current environment.”
President Hemphill also shared, “The students of today, and tomorrow, are engaging with us in different ways. As a student-centered institution, we must change with them. This has long been the foundation of our success, and it must continue to serve as a guide now and well into the future!”