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Board accepts fund‑balance action plans from Eastern and Western amid warnings of ongoing deficits
Summary
Eastern and Western presented fund‑balance action plans; Eastern reported a $3.1M bond allocation that restored its 30‑day reserve threshold, while Western described an $18.2M deficit and a multi‑pronged 'fiscal resiliency' plan; both plans were accepted.
The finance committee accepted fund‑balance action plans from Eastern Connecticut State University and Western Connecticut State University while emphasizing that both institutions face ongoing fiscal challenges.
Eastern CFO Jeremy Campbell said Eastern planned to use $9.8 million in operating reserves for capital projects and briefly expected to fall below the board’s 30‑day reserve threshold. An additional $3.1 million from student‑fee‑allocated bond funds became available and, Campbell said, would put Eastern back above the 30‑day policy threshold for FY26. "I'm happy to report that the university will be over that 30 day threshold for fiscal year 26," Campbell said, while warning the university could face the same pressure in future years without additional bond or chief‑of funds.
Western President Bernal outlined a high‑level fiscal resiliency blueprint to address an $18.2 million deficit that includes strengthened financial monitoring, an advisory budget group, expense controls, organizational restructuring and targeted one‑time investments to spur enrollment growth and revenue. Bernal said a structural fix is required and that the action plan serves as a compliance step within broader efforts to rebalance the university’s finances.
Both institutions’ action plans were moved, seconded and approved by voice votes. Regents signaled a desire for continued oversight and additional review of long‑term fiscal sustainability measures.
