Daily News | Penn State president says cuts will be deeper than anticipated as leaders finalize layoff plans
unit budgets will not increase by more than 4.6% or decrease by more than 4% each fiscal year to ease the transition.
The university declined to identify for Spotlight PA the units that may receive greater-than-expected budget cuts. In her February memo, Bendapudi wrote the administration’s original budget request to the Board of Trustees included “aspirational asks” as well as required funding. The total amount of that budget request is not clear, but it would reportedly increase the budget deficit to $245 million.
Bendapudi’s memo stated the university had $350 million in reserves last summer and was using more than $100 million in reserves a year to fund “commitments.” The university declined to say what those commitments involved., has more than $1 billion in cash or cash equivalents on hand. The university told Spotlight PA the cash referenced in the statement is different from the reserves.
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