On April 22, 2015, the Governing Board approved a $42.6 million operating budget intended to fully restore salaries, fill several vacancies, establish needed positions, jump-start three new academic programs, and fund to pay adjunct professors for certain non-teaching service. It also allowed the college to begin rebuilding its fund reserves.
Santa Fe Community College faced an unexpected $5 million budget deficit in August 2014. Then-Interim President Randy Grissom and the Governing Board responded with a financial stability plan that reduced the number of staff by about 2.5 percent, cut employees’ salaries from 2-8 percent and decreased college-wide operating budgets by about $3 million.
Under the August 2014 plan, tuition was raised last January from $39.50 to $44.50 per credit hour.
The plan also put in place additional budget oversight measures, including a Board Finance Committee that meets monthly to review financial reports in detail. In addition to the committee, special “teams” of board members, faculty and staff have participated in trainings and other sessions to better understand the budgeting process. The college has also increased controls on expenditures and tightened purchasing procedures.
Under the new FY 15 budget, salaries will be restored July 1, the start of the college’s fiscal year.