Rutgers University Expects $200 Million Shortfall Due to Coronavirus Crisis

“We are located in the epicenter of the COVID-19 outbreak in the United States, creating challenges around both the length or our expected recovery and our ability to attract new students”

Posted by Mike LaChance Saturday, April 25, 2020 at 01:30pm 5 Comments

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The hits just keep coming for New Jersey. Rutgers is even concerned about their 2021 budget.

The Trentonian reports:

Rutgers University says it has $200M shortfall, announces 10% pay reduction for high-earning athletic coaches

Rutgers University is expecting a $200 million shortfall in budgeted revenues for the 2020 fiscal year ending June 30 as a result of the coronavirus pandemic, school president Robert Barchi said in a letter to the community on Friday morning.

Barchi, who is leaving his post on July 1, also said the 2021 fiscal year could be greatly impacted, and will recommend to the university’s Board of Governors that 2021 undergraduate tuition be frozen at its current level.

Additional cost-saving measures include a 10% pay cut over the next four months for football coach Greg Schiano, men’s basketball coach Steve Pikiell and women’s basketball coach C. Vivian Stringer. Other high-ranking university officials, including athletic director Pat Hobbs, vice presidents, provosts, vice chancellors and deans on the administrative council will have a 5% reduction in pay over that four-month period.

“We are located in the epicenter of the COVID-19 outbreak in the United States, creating challenges around both the length or our expected recovery and our ability to attract new students,” Barchi wrote. “Perhaps no other state government has been hit as hard financially as New Jersey, which has necessitated the freezing of many appropriations, including a significant portion of funding for Rutgers.”