External consultant should be hired to assess SU finances
During the Feb. 13 University Senate meeting, the Committee on Budget and Fiscal Affairs reported that the pressures to limit tuition costs have left Syracuse University in need of ways to diversify and expand revenue sources to ensure financial security.
The budget committee claims it lacks the experience and resources necessary to thoroughly evaluate the size, functions and organization of central administration and responsibility centers. The Board of Trustees should act on the committee’s recommendation to hire an external consultant to facilitate a comprehensive review of SU’s finances in order to best find a solution.
The committee reported that granting more discount rates to students than budgeted in 2012 has contributed to this state of financial insecurity. Its recommendations were to keep the tuition increase fixed at 3.6 percent for 2014, instead of decreasing the percentage, which has been an annual goal of the administration.
Though keeping the rate at the same level is better than increasing it, a consultant’s evaluation is important. The majority of the university’s revenue comes from graduate and undergraduate tuition, which reinforces the need to find other means of revenue with the help of a consultant. Students should not suffer financially as a result of the university’s challenges.
The budget committee made several suggestions about where more revenue could be made. One recommendation is to have a consultant explore how to make better, more frequent use of the Carrier Dome as a revenue source.
Other suggestions worthy of exploration before increasing tuition include raising the number of international students in underrepresented programs, offering Winter Break courses modeled after Maymester, expanding online courses and using campus facilities more during the summer.
Though it may seem like spending university assets to hire an external consultant would only deplete resources further, this option will prove beneficial.
