Immediate steps taken by Texas A&M Interim President R. Bowen Loftin has resulted in nearly $7 million in cost avoidance and savings in the Fiscal Year 2010 budget, according to Loftin Wednesday.
Loftin was among the many university leaders presenting initial budget reviews to the A&M System Board of Regents at its meetings.
The $6.8 million in savings came, in part, as a result of a reduced merit plan and reductions in the president's office.
According to Loftin, the pool for the planned merit program was reduced from 3% to 2%. In addition, centrally funded departments were required to provide a 0.5% pool to support the merit program. Also, the non-faculty administrators who have salaries above $175,000 will be excluded from the merit program for the upcoming fiscal year.
Reductions in the president's office included the elimination of the Office of the Executive Vice President for Operations, a position created by former President Elsa Murano.
By August 31, the Office of Advancement will also be eliminated. Also saving money was the retirement of the executive personal assistant to the president.
Regents charged the College Station campus to reduce its budget by $20 million.
Attached is Loftin's presentation to the Regents.
The board's meetings continue Thursday and Friday.
Loftin also commented on the current financial situation in the athletic department. Click here for more on that story.
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