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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