Bradley University wrestles with massive budget shortfall

Published: Jul. 31, 2023 at 4:40 PM CDT
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PEORIA (25News Now) - Bradley University announced it has a $13 million budget shortfall for fiscal year 2023, that will undoubtably mean job cuts.

In a release, the university says that’s nearly 10% of its operating budget and represents a structural imbalance.

The financial challenges including lower-than-expected enrollment numbers, changes in the economic climate and increasing operational costs. The statement says there are several, similar factors impacting institutions of high education around the country.

The university statement says it will undergo a continuous review to reach a series of cost-saving measures, including academic restructuring, “with utmost care to preserve the academic integrity of the institution and ensure students’ ability to complete their degrees.”

“We are at a unique time in the history of higher education. Universities must fundamentally rethink their operations and offerings to respond to the rapidly evolving needs and interests of today’s students. This is precisely what we are doing at Bradley University,” Bradley University President Stephen Standifird said.

“Bradley is strong. We have a strong balance sheet; our financial situation is solid. However, if we were to continue down the path we are on today, that would eventually decline to a point where we would not be able to recover, so we are moving fast. We are moving today to make sure we keep the university financially sound and are around for the next 125 years,” Standifird also said.

The university says it is committed to helping people affected by job reductions and will exercise compassion and support throughout the process.