Baruch Takes Action: Updates on the University-Wide Savings Plan for FY2024

Dear Colleagues,

In early February, the CUNY central office began implementing steps to confront and address post-pandemic structural budget deficits. These steps included asking all campuses to reduce spending in FY24 and reinstating a Vacancy Review Board (VRB) to review personnel action requests from across the system.

At Baruch, we approached this mandate holistically and inclusively, enlisting recommendations from all Vice Presidents and School Deans, and consulting with the Executive Committee of the Baruch Faculty Senate and Undergraduate Student Government. As our enrollment and brand reputation remain strong, our Savings Plan helps to ensure a balanced budget for the years beyond this fiscal year, while maintaining a healthy reserve of at least 5 percent.

Implementing Baruch’s Savings Plan

The CUNY VRB (or Central VRB) process is designed to manage resources efficiently, address budget deficits, and ensure that critical actions are pursued during these challenging financial times. Baruch College’s local VRB works in tandem with the CUNY VRB, reviewing requests to ensure that every position is consistent with Baruch’s multiyear balanced budget plan and strategic priorities.

Late last week, Chancellor Félix Matos Rodríguez announced significant updates to the CUNY VRB Guidelines and FAQs, effective immediately, to streamline and expedite the process. Key changes include the following:

• For positions that are either budget neutral or result in cost savings, no Central VRB submission is required. Note: Positions that were previously frozen remain frozen.
• All campus hires that result in a cost increase and are not otherwise exempted must be submitted to the Central VRB.
• The personnel actions in both categories above must still be approved by Baruch’s VRB. In addition, Baruch’s Vice President for Administration and Finance, Katharine Cobb, must ensure that each personnel action under consideration is included in the College’s financial plan and FY24 Savings Plan prior to submission to the College VRB and Central VRB.
• All positions on the Research Foundation payroll or other non–tax levy payrolls are exempt from the VRB process.

Click here to read the updated VRB Guidelines and FAQs in their entirety.

Progress to Date

Baruch moved forward quickly when the VRB was instituted on Friday, Feb. 3. Any employment offer made before that date was honored, including most of the faculty recruitments that were already in the finalist interview stage. Baruch’s VRB approved all faculty searches that were already reviewing candidates and sent them to CUNY’s VRB. All lecturer and cluster-hire searches are proceeding without the need for VRB approval. In other words, faculty hiring for the current year has been only modestly affected; however, we do not anticipate hiring faculty at the same rate next year. Baruch anticipates a modest revenue increase that will be incorporated into our Savings Plan.

Looking to the Future

While we are feeling the impact of this CUNY mandate, Baruch is committed to our mission to serve our community. As you know, we are in the final phases of a yearlong engagement and development process for our Strategic Plan 2023–28. This comprehensive blueprint will guide and drive our priorities and our future success. I am confident that Baruch will continue to be the college and community of choice for students who embody ambition, demand academic excellence, and strive to impact their professions and communities.

I appreciate your support and value your commitment to our students and colleagues.

Sincerely,

S. David Wu
President, Baruch College