In keeping with my promise to deliver a financial update at the conclusion of each fiscal year, I am writing to provide you with the results of the second year of the structural deficit reduction plan.
The 2024-25 fiscal year concluded with a deficit of $16.2 million, which, while a very significant deficit, is in line with both our Framework for Financial Sustainability plan and the projections I provided when I addressed the campus community in May.
As you know, the work of climbing out of our financial deficit is hard, but necessary. We must continue to do this work to put Buffalo State on a sustainable path and ensure it can continue to provide academic opportunity for students well into the future.
Our base structural deficit at the beginning of the implementation of our plan was $16.5 million. Following the 2023-24 fiscal year, our deficit was $12.6 million. You will note the current deficit has risen again, which is due to three primary factors: increased and ongoing costs associated with new collective bargaining agreements, an increased financial commitment to scholarships and below-target enrollment in fall 2024.
Despite this, we are cautiously optimistic about our enrollment numbers heading into this fall, both in terms of first-time students and the increases in persistence and retention numbers that I referenced in May. In addition, cost control measures put into place in 2024-25 will continue to guide our actions, ensuring we are following the correct path as we await our enrollment numbers finalizing.
I want to extend my thanks to everyone who has remained committed to implementing our plan and believing in our institution’s bright future. That includes SUNY leaders, elected officials, and our Buffalo State faculty and staff — including the shared governance structure of our University Council, College Senate and administration — plus our Foundation Board, Professional Staff Caucus and collective bargaining partners.
I will continue to keep you updated on our progress as our work together continues.
Sincerely,
Bonita R. Durand, Ph.D.
Interim president
Buffalo State University