[Cobo] Budget Revisions for December

[Mauck, Sheri]

Please find the attached schedule that outlines the amounts by institution of the additional (1.64%) reductions that you have been asked to prepare as a budget revision.   Note that all Economic Development Grants, Quality Initiative Grants, Section 13 Offset funding and Brain Gain funding are included in the reductions, so you will need to adjust your budgets for those reductions as well, by an additional 1.64%.  A detailed reduction schedule is being compiled that includes each of these special programs and will be forwarded as soon as completed.

This reduction added to the reductions taken in September equal an annualized reduction of 5.98%.  Your General Revenue allocations for December through the remainder of the fiscal year are expected to be 9.02% less than those received in November.

We are asking that you submit two budget forms:  (1) a "change only" schedule F and  (2) a revised total schedule F by DECEMBER 12th.  Also, be reminded that you must enter your revision on the ICS by December 12th as well.

These schedule F's will allow us to uniformly present to the Regents' the impact of the budget revision to the institutions and constituent agencies.  Should you need additional information, please let us know. <<Fundsallocation2003rev1202.xls>> 
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