University of Kentucky President Eli Capilouto is alerting the campus community to a difficult financial picture in the coming fiscal year. It will mean layoffs and furloughs for some employees at UK.
The UK president, in a campus wide email, said the higher education institution faces a $70 million shortfall next year. He said that will force UK to make reductions and decisions that will cause pain and shared sacrifice.
More than half of the anticipated shortfall results from projected declines in revenues from enrollment and short term investments.
Capilouto noted eight strategies are proposed to deal with the financial reality. Those include some layoffs, a furlough plan for 90 days where UK pays health premiums, and for one year reducing the school’s retirement contribution for individual employees.
The UK president added it means no merit increases, but the university is not going to increase employee health premiums or parking rates in 2021.?
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