[Cobo] FW: Current Year Budget Reductions

[Mauck, Sheri]

> Business Officers:
> 
> We are working with the Office of State Finance to reconcile the current year (FY02) budget.  It appears that the total annualized reduction will be slightly under 4%--approximately 3.85%.  Your June cash allotments will reflect the adjustments needed to reconcile the reductions system-wide even though in some instances, such as Section 13 Offset and Grant funds you may have already received the total amount of the original allocation.   In this case, your June General Revenue allotment will be adjusted to incorporate all cash allotments received to date regardless of the source (G.R., gross production, etc.)
> You may use this formula to estimate your June cash allotment:  (Total FY02 budget allocation reduced by 3.85% minus cash received to date  = June cash allotment)
> 
> We will need for you to submit a revised schedule F to reflect the adjustments needed to reach a total budget reduction of 3.85% for FY02.  These schedules will be presented to the State Regents and should be submitted by June 20th.  You will also need to enter the revisions electronically for submission to OSF.
> 
> You may use your reserves to offset the reduction; however, we are asking that a formal letter be sent from the President to the Chancellor indicating your intent.  Please let us know if you have questions.