September 9th, 2020 by WCBC Radio
The University System of Maryland and its institutions are girding for a drop-off in revenue, including state and federal funding. WBAL reports USM officials said Wednesday they are planning cuts to operating expenses and capital spending, as well as personnel moves including hiring freezes, furloughs, temporary pay cuts and layoffs.
The system projects its original 2021 fiscal year budget will take a $500 million hit in addition to the roughly $230 million losses suffered in the 2020 fiscal year, when institutions refunded some of students' room, board and fees. The 2021 fiscal year deficit includes a $130 million cut to state funding.
Regents approved a freeze on tuition and fees in June. Institutions have nearly freezed new hires, eliminated vacant positions, cut discretionary spending and delayed construction projects and maintenance.
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