Budget update from President Gregory Geoffroy to ISU faculty, staff

To: Iowa State University Faculty and Staff

I am writing to update you on Iowa State's budget situation as a result of the Oct. 7 Revenue Estimating Conference and Governor Culver's announcement yesterday of a 10 percent across-the-board cut to all state budgets. Iowa State's share of that reduction is estimated to be $24.5 million.

In response, Board of Regents President David Miles announced yesterday an immediate hiring freeze for all general fund supported positions and a moratorium on all new building construction projects: http://www.president.iastate.edu/09/miles.pdf.

He has also called an emergency meeting of the Board of Regents for next Wednesday, Oct. 14, to discuss other measures that may be implemented to handle this significant budget reduction. We will defer any budget decisions at Iowa State until after the Oct. 14 Regents meeting, although everyone should continue to be extremely conservative with all expenditures until those decisions are announced.

This latest reduction in our state support means our state appropriations have been reduced by $62.9 million (22%) since our initial FY09 appropriations, a very large amount by any measure. Our state support now stands below the level it was in FY97, excluding the ARRA federal stimulus funds. The accumulation of these budget reductions is very severely reducing our ability to serve our students and Iowans at the level they expect and deserve. I once again ask for your help and understanding as we continue the arduous task of reducing our budgets.

I will keep you well informed of further developments as they occur.

Greg Geoffroy