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April 8, 2020

To:            University of Vermont Faculty and Staff

From:        Suresh Garimella, President

Re:            Postponement of New Budget


As we work together to address an array of issues associated with 
COVID-19, one important aspect is the University’s finances. Just as the 
state of Vermont is up against significant financial uncertainties in 
the face of the unprecedented challenges posed by the coronavirus, the 
University of Vermont, and indeed all of higher education, also is 
confronted by many unknowns in planning for the coming months. The state 
of the University is sound, but we have to implement a number of 
strategies to ensure that this continues to be the case. Towards that 
end, as outlined in the following press release, the Board of Trustees 
has approved an interim budget for the first three months of the coming 
fiscal year. When our revenue forecast is more certain in September, the 
Board will adopt a final budget for the entire fiscal year. We will 
continue to keep you updated on our work to ensure that the University 
thrives and continues to provide an outstanding educational experience 
for all our students long into the future.

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April 6, 2020

*For Immediate Release
Contact: University News, [log in to unmask]

* *UVM Board Approves Three-Month Postponement of New Budget in Response 
to Uncertainties Resulting from the COVID-19 Pandemic*

In light of the substantial and ongoing impact of the COVID-19 pandemic 
on global financial conditions, the University of Vermont Board of 
Trustees today approved a three-month budget continuation past the June 
30, 2020 conclusion of the current fiscal year. In September, the 
administration will present a budget for the remaining nine months of 
the 2021 fiscal year, when anticipated income and expenses for the next 
fiscal year become clearer. The Board also directed the University to 
examine major operating costs including ongoing capital construction 
projects.

The decision reflects the uncertainty felt throughout higher education 
as a result of impacts from the pandemic and is part of the continuum of 
actions the University has taken in response to challenges posed by the 
COVID-19 pandemic.

University of Vermont President Suresh Garimella thanked the Board for 
its flexibility and support during these unprecedented times.

“UVM, like universities everywhere, is facing many unknowns as a result 
of the COVID-19 crisis. Before we present a budget for the next fiscal 
year, it’s important we get past some of the current uncertainty. I 
appreciate the Board’s leadership in helping to position UVM for success 
beyond this crisis.”

Chair of the Board Ron Lumbra expressed gratitude for the actions of the 
entire UVM community.

“This is a difficult time for our university, our state, our nation, and 
the world. I speak for our entire Board when I share how deeply proud I 
am of UVM’s response to this crisis.  Our faculty, our staff, our 
alumni, and our students—everyone has risen to the occasion, with the 
unique combination of tenacity, resilience and community that makes UVM 
special.

“I also want to make note of the tremendous leadership being 
demonstrated by President Garimella, the deans, and the rest of the 
senior leadership team. These are unprecedented circumstances, and there 
is no roadmap to follow. Despite this, university leadership is 
navigating daily challenges under rapidly evolving circumstances and 
making difficult decisions in a way that not only reflects the 
seriousness of the situation but shows sensitivity to who we are as an 
institution.

“As one example of this sensitivity, President Garimella requested that 
the Board forgo his salary for the month of April, a period that the 
Governor has projected to be particularly difficult for the State of 
Vermont. President Garimella asked that it instead be contributed to a 
special university fund to help during this crisis. The Board has 
approved his generous request with our thanks and deep respect during 
this uniquely challenging and stressful moment in time.”

Budget recommendations for the entire 2021 fiscal year are scheduled to 
be presented to the Board by September 15, 2020.

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