Transcript President’s Update – Board of Overseers

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U of L Staff Senate Executive Committee
May 11, 2009
Thanks for what
you do!
In some ways, it has
been a crummy year…
Nationally –
It was an unprecedented year
GDP Declines During Postwar Recessions
(peak-to-trough percent change; date is year of peak quarter)
0
-1
-2
-3
-4
-5
48
4
53
57
60
70
73
80
81
90
01
08
KY Employment Collapse
(Nonfarm employment in thousands)
Oct. 2000
1,833.6
Jun. 2007
1,870.8
Jun. 2003
1,777.6
Mar 2009
1,798.5 (p.)
p: preliminary
Note: Kentucky employment today is the same as a decade ago
5
Loss of Manufacturing Jobs
in KY Continues to be a Major Concern
308.3
218.1 (prelim)
6
Government Fiscal Picture
Kentucky Outlook
• FY 09
• State: $490 m
shortfall
• Cuts (6% + 2%)
• BRTF
• Tax increases
• FY 10
• ???
• Maybe as high as
$1.1b
• No new taxes
• Other
• Federal Stimulus
Government Fiscal Picture
• FY 10 UL Budget Scenario L
• No salary increase
• 5% tuition increase
• Meal Plan
• Limited initiatives
And there have been
other issues that have
tested us…
But…
So much to be proud of…
Saturday
Commencement