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Beloit Plans Layoffs, Salary Cuts to Fix Deficit

August 27, 2018
 
 

In an email to alumni Thursday, Beloit College announced that it will lay off some faculty and staff and make salary cuts to combat a budget deficit, Beloit Daily News reported.

The plan, developed by a team call Beloit Forward, will decrease the annual $48 million budget to $43 million to accommodate for fewer students. To do so, Beloit will decrease the total size of the faculty to match the student population. Salary cuts will be made using a progressive system: staff and faculty making less than $45,000 will be exempt from the cuts, while senior staff could see a salary reduction of more than 10 percent. The college will also eliminate at least 30 administrative positions, although many of them are currently vacant.

The plan is a response to a projected $7 million budget deficit and a decline in first-year enrollment and retention rates for sophomores. The new financial model will not eliminate any academic programs.

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