Budget cuts cost Geneseo, SUNY
Megan McGinley
Issue date: 4/17/08 Section: News
According to James Milroy, assistant vice president for budget, prudent financial management has enabled Geneseo, like many other campuses, to build reserve funds.
"These funds will enable us to mitigate the impact of some of these cuts at least for a couple of fiscal years," said Milroy. "It's through good fiscal management that will enable us to weather this downturn."
As a whole, SUNY and CUNY received $6 billion for capital projects. In addition, the state, which has increased spending by almost five percent despite a weakening economy, also approved the creation of an endowment for SUNY and CUNY to act as a permanent source of funding. The source of the funding for the endowment has yet to be determined.
Other items listed in the budget include $1.75 billion for investment in elementary and secondary education as well as a $1.6 billion economic development capital plan. This capital plan includes $700 million for the Upstate Revitalization Fund to stimulate employment and growth in this region of the state.
"These funds will enable us to mitigate the impact of some of these cuts at least for a couple of fiscal years," said Milroy. "It's through good fiscal management that will enable us to weather this downturn."
As a whole, SUNY and CUNY received $6 billion for capital projects. In addition, the state, which has increased spending by almost five percent despite a weakening economy, also approved the creation of an endowment for SUNY and CUNY to act as a permanent source of funding. The source of the funding for the endowment has yet to be determined.
Other items listed in the budget include $1.75 billion for investment in elementary and secondary education as well as a $1.6 billion economic development capital plan. This capital plan includes $700 million for the Upstate Revitalization Fund to stimulate employment and growth in this region of the state.
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