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Several years ago. Dean Dunlop told the Faculty that it faced "seven lean years" financially. Last week, he said that although the financial picture continues to brighten, several more lean years he ahead.
Dunlop presented his annual budget report to a Tuesday Faculty meeting. He explained that the budget is divided into two parts -- restricted an unrestricted income. Unrestricted income -- incoming funds which are not earmarked for specific purposes -- is the more significant category because it is the only money that can be applied to inflation prompted costs.
Dunlop said that last year's budget projected an unrestricted income deficit of almost $1.8 million, but that the actual deficit came to only $520,000 -- half of what it had been in 1970-71.
Dunlop traced this improvement to two factors' -- the previously burgeoning costs of undergraduate scholarships stabilized as loans replaced outright grants and unrestricted gifts were higher than anticipated.
Inspite of the improvements, Dunlop cautioned that the Faculty budget is still several years away from being back in the black. He urged "constraint by all of us" to keep the actual budget deficit under $500,000 this year.
To hold the deficit down. Dunlop outlined several strategies. He said undergraduate tuition would continue to rise at a rate of $200 per year for the next three years to help cover the increasing costs. He said increased efforts were planned to generate unrestricted gifts from alumni.
One source of the Faculty's increased costs is the maintenance it must play on newly-acquired buildings. The Faculty this year obtained Hunt and Robinson Halls from the Graduate School of Design and is responsible for the upkeep of part of the Science Center.
Dunlop promised that in the future, solicitations for funds to obtain new buildings would simultaneously request funding for continued maintenance costs.
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