Tag: cuts

Coronavirus forces UM to make budget cuts, and FIU predicts drop in enrollment

Like all industries bracing for the worst of the coronavirus pandemic and its economic aftermath, universities are reeling from the fiscal impact of shuttered campuses.

On Wednesday, the University of Miami in an email announced “financial mitigation actions,” effective immediately, to reduce expenses across the university, including its healthcare system, UHealth.

“Today’s highly uncertain economic environment poses serious financial implications for our University, as well as for our health care system, UHealth,” the email read. “These are unprecedented times, which require significant measures.”

Those measures include a hiring freeze, a postponement of merit-based pay raises, significantly reduced or eliminated non-essential,

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Pay cuts for top officials might not be enough as UM faces crisis, considers layoffs

The University of Miami stands to lose “hundreds of millions of dollars over the coming year” due to the financial havoc wreaked by the novel coronavirus, according to an email sent this week by President Julio Frenk to the Canes community.

“COVID-19 has taken many thousands of lives, hundreds right here in our community,” he said. “Compounding that loss, we are facing a significant economic disruption.”

To help offset the projected losses of closing campus this spring and summer and possibly the fall, Frenk said his administration will expand budget cuts announced earlier this month and implement new measures, including

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