Citing 'post-pandemic fallout,' Drury to cut spending by $4M next year
Drury University is taking steps now to reduce spending next year by $4 million, a drop of 8% from this year's nearly $50 million operating budget.
In a Feb. 13 letter, President Tim Cloyd said the private liberal arts institution has not been immune from challenges facing higher education and the "post-pandemic fallout."
"In an abundance of caution, we are reevaluating the use of our resources and identifying ways in which we can be more efficient," he wrote.
Cloyd said the cost-cutting measures — which will start in June and continue through May 2024 — will include the elimination of fewer than 10 jobs.
In September, Drury will celebrate its 150th year of educating students on the Springfield campus, which opened in 1873. A pictorial history of the university will be published this year.
Cloyd said in an interview Monday with the News-Leader that the cuts are about ensuring future stability.
"Drury has been a place for 150 years that has served this community and southwest Missouri and the state of Missouri and had an incredible impact," Cloyd said. "Drury is going to emerge strong from what I will call the post-COVID hangover."
The university hopes to also achieve the savings through a combination of budget reductions, employee attrition and vacancies.
"We are working closely with board officers and have been very transparent with our faculty and staff throughout this process," Cloyd wrote.
The announcement comes amid strong donor support — a multi-year fundraising campaign has "surpassed the $73 million mark" and continues, Cloyd said — and the largest freshman class in Drury's history in fall 2022.
More:Why Drury University made 'calculated risks' to go fully in person during COVID-19 pandemic
Cloyd noted that the increase came after three years of declining students and revenue.
"We have rebounded a little bit but we're still down," he said, adding that Drury has also been "struggling" with its evening and online enrollment.
Cloyd said low unemployment and the smaller number of students submitting the Free Application for Federal Student Aid, or FAFSA — used to determine student financial aid options — are creating upheaval for colleges and universities trying to recruit and retain students.
Cloyd said the university is experiencing "record applications" for the 2023-24 year, which means enrollment will be more competitive. He said there is also more interest in on-campus housing for next year compared to this year.
The university started its health-related master's program in physician assistant studies this year and plans are in the works to create an engineering program.
More:In 2023, Drury marks 150th year, creates engineering, social work programs
Cloyd said cuts were made in this year's operating budget but he did not give a specific amount. The university spent less, opted not to fill certain positions, and made other changes.
He said the goal was to become "more lean" and "more of a team" by breaking down traditional silos that exist in higher education.
"Back in the old days, everybody did whatever it took (regardless) of what their position or title was," he said.
Cloyd said the university did not want to have to eliminate any positions for next year but will look to cut ones that "will have the least impact on the student experience, which remains our top priority."
Asked about the possibility of reducing pay levels for employees, Cloyd said Drury will "try to accommodate people" who want to work in a hybrid situation, or reduce full-time hours, but noted it was voluntary.
Claudette Riley covers education for the News-Leader. Email tips and story ideas to criley@news-leader.com.
This article originally appeared on Springfield News-Leader: Citing 'post-pandemic fallout,' Drury to cut spending by $4M next year
