In light of the recent economic nosedive affecting the U.S. and global markets, bankers and corporate executives aren't the only people who need to worry - college students should as well.
At a recent Faculty Senate Executive Committee (FSEC) meeting, Provost Satish Tripathi told the committee that the SUNY Board of Trustees is examining the potential effects of the financial crisis on the SUNY system, according to a press release. He discussed a rational tuition policy, one of the reforms pitched by President John B. Simpson.
Students and parents would be informed in advance about any yearly tuition increases, according to Bradshaw Hovey, associate director of the Urban Design Project in the School of Architecture and Planning. Instead of tuition rates being set by the state, UB would be able to charge tuition at an appropriate level for a research institute, Hovey said.
In the meantime, schools within the SUNY system may experience budget cuts from the state.
"In the worst case, New York State tax revenue will decrease, as will their allocation to UB, and we will have other budget cuts," said James Holmes, a professor in the Department of Economics.
According to Holmes, students need to learn all they can about the financial crisis plaguing Wall Street because the nation's financial state will likely affect universities.
"Unfortunately, [it] depends upon whether or not current policy actions are successful and what future policy actions will be taken, as well as their unforeseen consequences," Holmes said.
However, Holmes pointed out the difficulty in predicting the nation's financial future.
"Alternatively, it's perfectly possible that a year from now the economy will be growing, as recent evidence shows it has been doing for the last six years, including the most recent quarter," he said. "In this event, New York State will probably muddle through, as will UB."
Simpson is pushing for additional reforms including the ability of UB to sell or lease state land and to employ third-party developers for construction projects, according to a press release.
"We would be able to build without some of the regulatory construction constraints SUNY puts on us," Hovey said. Hovey explained that such reforms would allow UB to complete construction projects, like the construction of the new engineering building next to Jarvis Hall on North Campus, more efficiently.
The current estimated date of completion for the building is fall 2011, and it will cost approximately $73 million. Hovey said that without the regulations from the state, UB could complete the building for about $38 million less and a year sooner than planned.
"We will continue to press for regulatory relief from the state legislature," Hovey said. "It's something they can do to help us achieve our goals without spending anything."
Hovey said that while the financial crisis may affect aspects of UB 2020 and the comprehensive physical plan, plans for the project will continue to move forward.
"We're working on a plan that has a horizon of 20 years or more," Hovey said. "It may have an impact on us but it's not going to stop us."
At the FSEC meeting, Robert Shibley, senior adviser to the president for Campus Planning and Design, discussed plans to connect the Ellicott complex to the rest of North Campus, according to a press release.
"It's a central part of the growth strategy that's evolved as part of the plan," Hovey said.
The plan includes eliminating the space between the front of the Student Union and the entrance to the bus tunnel at the Ellicott Complex. Lee Road will function as a main street with new buildings to connect the two areas.
A significant amount of the money for various projects is being raised through donations to the university.
"There are lots of things we can do to continue to work toward our goals even when things are disrupted," Hovey said.
Photo: Courtesy of Laron Fomby
