Feb 17, 2009 9:05 am US/Eastern
UM Considers Budget Cuts, Pay Freezes
Colleges Have Been Asked To Cut Budgets Up To 10%
CORAL GABLES (CBS4) ―
The faculties of each of the University of Miami's dozen colleges have been given a homework assignment; cut their budgets by at least five percent.
Fundraising for the private Coral Gables university is down six percent from last year and the university's endowments have dropped 25-percent because of a downturn in the investment markets, according to
CBS4 news partners
The Miami Herald.
While no major layoffs are expected, university officials have asked each college to slice between five and ten percent from their budgets for the upcoming year which begins on June 1st.
Last December, the university imposed a hiring freeze. Other options being considered are a pay freeze for employees and possibly suspending pension contributions.
The UM colleges serve more than 15 thousand students and is one of the largest employers in South Florida.
(© MMIX CBS Television Stations. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. CBS4 news partner The Miami Herald contributed material for this report)
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