FY24 Budget: What we know and what happens next

In April, I shared an updated timeline of key milestones for the FY24 budget process. Last Thursday, June 8, was the deadline for eligible staff to submit their agreements for the Voluntary Separation Incentive Program (VSIP). I write to share an update on where we are in our FY24 budget process - and when you can expect to know more about our work. 

Voluntary Separation Incentive Program

At the beginning of the VSIP program, 205 administrators and staff were eligible to participate and 120 expressed interest in signing up. As of today, June 16, 76 people have finalized their agreements to participate in the program. 

There are a few things to note about those who decided to participate in the VSIP. A total of 5.6% of our administrative and staff population signed up for the program. In the chart below, you can see the race/ethnicity and gender breakdown for those who are participating. 

We have allocated 25% of the dollars saved through VSIP to promptly fill positions vacated through the VSIP. To determine how those positions should be prioritized, we are using the impact statements that each college, school and division provided to understand the most urgent needs. These determinations are still being made, and your individual dean or vice president will be able to talk with you about those decisions in the weeks to come. 

Next steps for budget proposals

We are working to enter the new FY24 budget into the financial system by June 30, so that we can begin to spend the allocated budgets on July 1 – the start of the new fiscal year. 

As a reminder, each dean and vice president had an extended period between April and early June to work with their college, school or division to prepare a draft budget for their executive leadership to review. These plans have now been submitted and outline how each area is meeting its target, as well as the expected impact of their recommended budget reductions. 

This past week, I worked closely with Provost Salma Ghanem and Executive Vice President Sherri Sidler to finalize the submitted budget plans. With this information now reviewed, I have asked each dean and vice president to communicate with their faculty and staff on the particulars of their unit-level budget plans and updates. Each academic and administrative unit will have their budgets ready to discuss with their units no later than June 21. While that is happening, I will meet with the Strategic Resource Allocation Committee to update them on the outcomes for FY24. 

Workforce realignment

I understand that staff reductions have been a concern for everyone, and I want to assure you that it has been our utmost intention to minimize such reductions throughout this entire process. In fact, I am pleased to announce that, in relation to the total staff population, workforce reductions will be kept at a minimum.

I will emphasize that each college, school, and division has been charged with making the budget decisions in accordance with our overarching goal of reducing the impact on our community, their own prioritized needs, and budget reduction targets. As a result, each unit at DePaul will have a different response, and there is no single call for an amount of staff reductions at the university level. Those affected by staff reductions will be notified during the week of July 10. 

FY25 budget process

Significant steps are being taken now to enhance the budget process for next year. I plan to work with all the leadership groups on campus to construct a budget process that has enough time for deliberation, adequate data, and information to review, and honors our commitment to shared governance. I can clearly see opportunities to involve our community in the budget proc​ess for the upcoming fiscal year, FY25. I will share more information about our improved budget process with you soon. 

I know how difficult and stressful it is to continue to wait for answers, and I reaffirm that our Catholic, Vincentian mission remains our steadfast guide. The university is fully committed to proceeding with care for the individual and will support any individual affected. Providing a high quality of life for those who choose to work and learn here remains our priority. 

Thank you for everything you do to ensure we continue to uphold our mission and deliver an outstanding, impactful education to our diverse learning community.