How did the global economic downturn and an uncertain economic outlook influence and impact the operating budget assumptions and projections?
The economic downturn and uncertainty greatly influenced the formulation of the budget assumptions and projections. It was clear that the undergraduate tuition rate increases that had averaged 7 percent over the past decade were no longer tenable. In addition, our undergraduate student applications for fall 2009 are down by 9 percent. The budget assumptions and projections were guided by institutional priorities including: enhancing academic excellence by continued investment in faculty development and sabbatical; identifying more efficient and effective practices in the delivery of service; maintaining momentum on strategic initiatives such as a comprehensive campaign, supporting the library and improving student retention through advising; ensuring that the student experience is not compromised by maintaining existing class sizes and offering courses students need to graduate; and keeping the College affordable for students. The budget assumptions and projections are based on both re
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