The University of Mississippi has announced budget cuts for the 2021 fiscal year budget, Chancellor Glenn Boyce announced yesterday.
Additionally, some members of the athletics department will be taking temporary pay cuts to help weather the financial storm caused by the COVID-19 pandemic.
"The impact of the COVID-19 pandemic has forced us to rethink almost every aspect of our campus operations, including finances," Boyce's statement said. "The financial impact of the pandemic has already been significant for us as we provided millions in refunds from the spring semester, invested in new ways to deliver courses remotely, incurred added costs to implement new protocols for the Fall 2020 semester and more. While many of our pandemic-related expenses may be eligible for reimbursement through CARES Act funding, many are not eligible for reimbursement."
The institution was able to get through the 2020 fiscal year without any budget cuts, but they know they won't be able to do the same for 2021. The exact extent of the cuts will be distinguished by the final enrollment figures.
At the time of release, the university is preparing for a 4.95-percent cut in permenant funding, a figure that may grow as large as 7.5-percent depending on possible enrollment declines. That figure will not come out until Monday, Aug. 24.
As first reported by Nick Suss of The Clarion Ledger, the athletics department isn't immune to the budget hits, just in a different way.
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All employees within the athletics who make north of $100,000 annually are taking pay cuts during the COVID-19 pandemic. Among those impacted are Keith Carter, Lane Kiffin, Mike Bianco, Kermit Davis, Yolett McPhee-McCuin, Jamie Trachsel and all 10 on-field football assistant coaches.
The athletics pay cuts will last for between three and six months. The size of the cuts were not disclosed.