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Implementation of Budget Stabilization Plan to Reduce Fiu Costs

In: English and Literature

Submitted By laynarodriguez
Words 323
Pages 2
Wednesday, September 16, 2015

Ms. ________
CFO
Office of University Finance,
Florida International University,
Miami, FL 33199

Subject: IMPLEMENTATION OF BUDGET STABILIZATION PLAN TO REDUCE FIU COSTS

This letter is to inform all students, staff, administrators, and faculty members of the measures taken to overcome difficulties with the current budget. Despite to our efforts in reducing FIU financial costs, our revenues decreased by 20% compared to last year. Based on close analysis of our budget situation, we are not receiving enough funds from the state, we are spending more than our budget allows, and our tuition costs are lower than other similar educational institutions.
We decided to create a strategy for the fiscal year 2016 to stabilize the budget situation. This strategy encapsulates five plans; the first two will be implemented on the summer 2015 while the remaining three plans will be applied starting January 2016. The strategy context will be as follows:

* Increase tuition cost and fees by 6.5% to adjust inflation. * Frozen salaries for both faculty and staff for the next eighteen months. * Reducing spending for the fiscal year 2015 by 12%. * Request financial assistance from nonprofit organizations and the government. * Increase endowment by 10% for the fiscal year 2015 and an additional 15% for the following year.

We hope that with these difficult actions our budget can be under control in the next two years while preserving the quality and high level of education that we are known for. By balancing our budget we will be able to improve our programs, facilities and culture for future students creating a legacy honoring all those who pass through our gates of education and the impact they make in society near and far. I appreciate the hard work and dedication of all our students, faculty and staff especially during these challenging times. If you have any question, please feel free to contact our Finance Department at 305-123-4567.

Sincerely,

Lrxxxxxxx

CFO

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