Due to state aid reductions in Gov. Jon Corzine's proposed budget, Rutgers University officials announced they will lay off workers, cut courses and raise tuition to fill a $60 million hole in the university budget.
Two things strike me as weird.
1: The proposed cut is 5 percent of state funding, or $15.5 million. So why cut $60 million?
2: Why cut professors when your plunking millions into both a stadium expansion, and into Greg Schiano 's exorbitant contract, when the football program continues to lose money? (BTW- Schiano is the state's highest paid public employee)
Does Rutgers still want to be an institute for higher learning? It doesn't seem like it. All they're concerned with is profit, and they don't even seem good at that.
3 comments:
They're cutting $60m because there is a state-mandated increase in faculty salaries that the state promised to cover and now won't.
Your comments about football are off base. They already raised the bond for the football stadium and construction is almost finished. You can't stop it now. It is a good long term investment, because there's enough interest in football now to support expansion, and that additional revenue will eventually put the program in the black.
Anyway, football is a complete drop in the bucket when it comes to the budget. The athletics budget is $55 million, which is 3% of the school budget. The reason Rutgers has fiscal woes is because the legislature keeps drastically cutting its funding.
Instead of raising the bond for the football stadium, they should be raising money to prevent faculty from getting canned. Betting on the popularity of a mediocre football team like the Scarlet Knights to generate revenue for RU is complete pie-in-the-sky and the height of irresponsible use of public funds.
If you want to bet good money after bad, try Wall Street, not a public university.
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