BUDGET UPDATE On August 12, 2008, the State Budget & Control Board approved a 3% across-the-board reduction of agency appropriations. The Board’s actions are a result of the Board of Economic Advisor’s (BEA) lowering the FY2008-09 revenue estimate. If state revenues do not recover by the end of the calendar year, there is likelihood that further mid-year budget reductions will be enacted. This 3% across the board reduction is in addition to the 2.89% already considered in MUSC’s budget.
As a result of the additional reduction and potential midyear reduction, University Administration issued a memo on August 13, 2008 asking all departments and units not to spend more than 95% of their FY2008-09 budget. The University Budget & Analysis Office is now in the process of preparing specific information explaining how the current budget reduction will affect college and departmental budgets. This information is expected to be disseminated by Wednesday, August 27, 2008. If you should have any further questions, please do not hesitate to contact your budget analyst.
| 
