We’re turning financial corner, Spaulding says

After a year of budget and staff cuts, MVNU President Henry Spaulding announced in a recent faculty meeting that the University has “turned a corner financially.”

Spaulding said it is important for the University to remain frugal and work hard to attract and retain students for several years, but for now, he believes the budget will be balanced by the 2015-2016 school year.

Upon hearing the good news, the faculty spontaneously broke out singing “The Doxology.”

A year ago, University officials projected a budget deficit of $7 million by 2015-16.

“We’re walking a thin line between health and non-health,” Spaulding said at the time.

Getting to this point involved great courage and sacrifice, Spaulding said.

It meant job losses for a several long-time employees, as more than 50 faculty and staff positions were eliminated through a combination of retirements, resignations and terminations. Remaining faculty and staff took a pay cut.

Spaulding said there will be no new staff cuts or salary cuts beyond what was announced last year. He also urged staff to make every effort to continue to minimize spending and retain enrollment, but he said he hopes to report even better news next year.