The University of Akron Board of Trustees approved several measures to improve the university's financial health during its meeting Wednesday. That includes setting a $22 million "budget improvement" goal by the end of the 2025-2026 next fiscal year. That could be achieved in a number of ways, the university said in a press release.
"The improvements will be shared across all facets of the University and include selling underutilized assets, reducing expenses, and increasing revenue as the University pulls back from areas that are not growing and invests in areas where there is growing student demand and employment opportunity," the release reads.
University administration had proposed cutting 35 faculty members in November last year. University President R.J. Nemer in a letter to the campus Wednesday said he expects to hear back "soon" from a joint committee of faculty and administrators on a final recommendation for how many of those layoffs will take place and from which departments.
"A budget improvement plan does not equate to simply making cuts," Nemer said. "In fact, the resolution is a codified ratification of efforts our leadership team has already undertaken. From day one, I have signaled the dangers of attempting to cut our way to growth; this hasn't worked in the past, and it is not the direction we should go now. That's why we've taken steps to increase revenues through a variety of means.
Those layoffs will count toward the university's overall budget reduction goal of $22 million, said Cristine Boyd, senior director of external communications.
The trustees also approved two other measures to improve the university's financial outlook. One is a "pre-development agreement" with Radnor Property Group and Capstone On-Campus Management to run and develop on-campus student housing.
"This partnership will enable the University to reduce a substantial portion of its outstanding debt, revitalize current housing with an infusion of capital, and maintain its award-winning residence life and housing programs," the release reads.
The second move from the trustees was to create the Institute for Computing, Data and Information Sciences, which the release described as a way to expand "in-demand program offerings and sharing of strategic technological resources" across different sectors of the university.
"The Institute for Computing, Data, and Information Sciences is an investment in an area of high demand for both students and employers and will foster collaboration across the University in computer science, data science, AI, cyber technologies, and information systems," the release reads.
The university's enrollment is about half what it was 15 years ago; the university previously eliminated 178 positions in 2020, which included almost 100 union faculty. The Akron Beacon Journal reported in September 2024 that the university was projecting it would need to pull $27 million from its reserves to balance its budget in the 2024-2025 fiscal year.
