Tri-C Announces Plans to Address Financial Impact of COVID-19
$25 million shortfall projected for fiscal year 2021
Cuyahoga Community College (Tri-C®) today announced plans to offset the financial impact of COVID-19 on its fiscal year 2021 budget.
The College projects a $25 million shortfall over the next year due to the pandemic. This includes decreases in state funding, enrollment and other revenues, as well as approximately $1 million in additional operational expenses resulting from the coronavirus crisis.
In response, the College is taking steps to preserve its long-term financial stability while maintaining its low cost of attendance ― Tri-C has the lowest tuition in the state ― and providing student services that remove barriers and drive student success.
“These are difficult times that call for difficult decisions,” Tri-C President Alex Johnson said. “We are operating in a vastly different environment than we were before the pandemic, and we must adjust to that new reality.”
Cost-saving measures for fiscal year 2021, which begins July 1, include:
- Reductions to the base salaries of the following non-bargaining employees:
- Tri-C President Alex Johnson – 10%
- Employees with salaries $200,000 or greater – 7%
- Employees with salaries $150,000 - $199,999 – 5%
- Employees with salaries $100,000 - $149,999 – 3%
- Deferring FY21 cost-of-living and performance-based increases for non-bargaining employees
- Offering voluntary separation packages to employees with one year or more of service
- Implementing strategic staff reductions and consolidations to align with current student and operational needs
These actions are in addition to operational efficiency measures already in place, including a hiring freeze; no discretionary spending for College-sponsored travel and business meetings; and delaying campus or facility projects financed through the general operating budget.
Details were shared with employees today during a virtual town hall meeting led by Johnson and David Kuntz, Tri-C’s executive vice president of finance and administration. Information on voluntary separation packages, staff reductions and organizational consolidations will be provided as planning moves forward.
May 15, 2020
John Horton, 216-987-4281 email@example.com