Board of trustees gathers to discuss UVM’s financial future

Members of the board of trustees expressed concern about financial problems and plans for a 10-year budget during its meeting this weekend. “If you are growing revenues at 1 percent and expenses at 4 percent, it’s not going to work,” board member Deborah McAneny said. Vice President of Finance and Enterprise Services Richard Cate said he believes the board’s vision for UVM will not happen as swiftly as they had hoped. “We need to look under every nook and cranny for any kind of revenue we can get,” board member Samuel Bain said. The board said that if the quality of the UVM education increased, the applicant pool would expand, allowing for a tuition hike. However, to increase the quality of the education, expenses and revenues would need to go up as well. “It’s got to be about quality, and it’s got to be about tuition,” McAneny said. The accuracy of the budget regarding financial aid was also called into question. Part of the challenge has to do with the unpredictability of financial aid. Even when a specific number is set, the actual spending is always variable, Cate said. “We need to have enough financial aid to attract an academically skilled and diverse class,” Cate said. “But it takes out a large chunk of revenue stream.”