Dear Faculty and Staff,
Earlier this month, I shared with you the news that a new state budget was approved for the first time in over two years. We remain extremely grateful for the budget we have been provided. While we must manage our remaining fiscal challenges carefully and strategically, we are certainly much better off today than we were a month ago.
We are still in the process of evaluating the full implications of the new budget, however, following are some details we can confirm:
- We have received 2016/2017 funding for the Monetary Award Program (MAP) totaling over $32 million in tuition and fee awards for 8,500 undergraduate students. These grants are extremely important to our neediest students.
- UIC will receive additional state operating support for FY17 approximately equal to our FY15 adjusted funding level. As you recall, last year we had to sequester our collective carry-forward balances to cover the significant deficit caused by the reduced state support in FY16. The FY17 funding will allow us to return approximately 39 percent of the sequestered carryforward funds to the original accounts within the next 2-3 months.
- Due to the funding UIC will receive from the state for FY17 and FY18, we are reducing our originally planned FY18 budget reductions to 3.25 percent from 5 percent. Read more…