Board Approves 2010 Budget and Appoints New Leadership
For Immediate Release
June 24 , 2009
PINGREE PARK - The Colorado State University System Board of Governors, including student and faculty board representatives, publicly discussed and approved the budget for fiscal year 2010 at its monthly meeting. In addition, the board voted to induct new board officers: chair, vice chair, treasurer and secretary. The board also reviewed and approved the compensation for the new CSU System chancellor and CSU Fort Collins president.
Fiscal Year 2009-2010 Budget
The CSU System budget for fiscal year 2010, which begins July 1, 2009, is $872 million. The total budget reflects a $33 million cut in state support to the system and a corresponding $33 million in funds from federal stimulus dollars allocated to Colorado to temporarily offset cuts to public Institutions of higher education through the American Reinvestment and Recoveries Act of 2009. Funding provided to the system through the ARRA is temporary and provides a "two-year" time out from significant cuts in state funding for higher education.
"Governor Ritter's plan for using the American Reinvestment and Recovery Act of 2009 State Fiscal Stabilization Fund will help the universities maintain funding levels. It also allows time for higher education, elected officials and the business community to thoroughly look at sustainable funding sources for our public universities and colleges," said Richard Schweigert, CSU system chief financial officer. "The federal stimulus funds provide valuable time for state leaders to explore all future options. We are on a time frame, because once the stimulus funding is up in 2011, we are looking at a cliff where funding levels could drop dramatically. We need to take this time to find a long-term solution to the budget deficit facing the state."
Some system cuts included: the system office taking an 11 percent reduction; and the CSU system chancellor's office taking a 24 percent budget reduction.
The cost of tuition increases students and parents will see can be found for CSU Fort Collins at http://www.newsinfo.colostate.edu/index.asp?url=news_item_display&;news_item_id=683718052 and CSU-Pueblo at http://www.colostate-pueblo.edu/news/releases09/084.htm.
New CSU System Board Officers
The board voted Patrick McConathy, as its new chair; Ed Haselden as vice chair; Marguerite Salazar as treasurer and Bonifacio A. Cosyleon as secretary. The officers serve a two-year term.
Doug Jones, outgoing chair, will continue to serve on the board. Jones is up for reappointment at the end of the year.
"CSU is in a tremendous place in its life with three exceptional leaders in Joe Blake, Tony Frank and Joe Garcia," Jones said. "This is a very dedicated board whose best interest is always with the students, faculty and staff. It's not easy managing such a complex organization, but it is incredibly worthwhile."
Permanent Appointments for CSU System Chancellor and CSU Fort Collins President
The board took final action on the permanent appointments for CSU System Chancellor Joe Blake, who was the president and chief executive officer of the Denver Metro Chamber of Commerce for the last 10 years, and Dr. Tony Frank as the president of CSU in Fort Collins who had been serving as interim president since November 2008. Both appointments will be effective July 1, 2009.
The board approved the following:
Blake's appointment as CSU System chancellor involves a five-year employment agreement that includes an annual salary of $275,000, and a monthly car allowance of $750. He will be eligible for the same employee benefits as other employees.
Frank, as the 14th president of CSU Fort Collins, also will receive a five-year employment agreement, which includes an annual salary of $350,000, and an annual car and housing allowance of $42,000.
Compensation, incentive, and benefit packages will be detailed in written employment agreements which will be completed in the next several weeks.