A new report reviewing Cal State's finances found the university system is coming up 15% short of its total costs, leaving an almost $1.5-billion funding gap. The report recommends implementing tuition increases.
A new report reviewing California State University’s finances found the system is paying only about 85% of what it actually costs to meet student, staff and institution needs, creating a funding gap of almost $1.5 billion.
Lopez recommended that any increases to tuition be “modest, gradual, [and] predictable,” and accompanied by improvements to the university’s financial aid policy. Lt. Gov. Eleni Kounalakis agreed, calling for an analysis of the financial strength of the student body before tuition is raised.Here’s what you need to know about Gov. Gavin Newsom’s plan to offset California’s $31.5-billion budget deficit.
“We really are at the mercy of California’s very volatile economy,” Lopez said. “If the economy gets a cold, the general fund will get pneumonia and then we’re at the mercy of that. Tuition, on the other hand, is stable — it’s predictable revenue for us.”The report identified CSU’s largest financial shortcomings in student and academic services — which were identified as having 32% and 20% gaps, respectively.
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