September 4, 2014

Dear Colleague,

I'm writing to provide you with an update on the University's 2015 Fiscal Year Operating Budget.

On June 17, I shared how the preliminary state budget allocation to Old Dominion University included approximately $15 million in new general funds to address a number of initiatives, such as adding faculty positions and base operating funds. But unfortunately, the economic climate in the Commonwealth shifted and these resources were removed, resulting in no new funding for ODU or any other state agency.

Last week, all public higher education institutions in the Commonwealth received a directive from Governor McAuliffe to develop a budget saving plan of 5% for the 2015 fiscal year and 7% for the 2016 fiscal year. For Old Dominion, this means a budget reduction of $5.6 million for 2014-15 and $7.8 million for 2015-16.

I've asked the vice presidents to identify budget reduction strategies and the impact those actions will have on the University's overall operations. Within the next few weeks, we will prepare a plan to share with the Board of Visitors at the September 18 meeting.

As we receive more information from the Governor, I will update you on our efforts. Thank you for your continued support and understanding during these times of economic uncertainty and fiscal challenges.

Sincerely,

John R. Broderick
President