BOULDER, Colo. (KDVR) — Chancellor Philip DiStefano said on Thursday that faculty and staff at CU Boulder who earn more than $60,000 a year will see a temporary five percent pay reduction.
In addition, university staff and 12-month faculty will receive an additional 12 days of leave to use by June 30, 2021.
These measures will be in effect from July 1, 2020 to June 30, 2021.
DiStefano says the university will be taking these measures in order to preserve jobs during this challenging financial time.
Additional details about pay reductions, additional leave, and the employees exempt from this measure are available on the Human Resources COVID-19 Furlough Guidance webpage.
The institution is facing a funding shortfall. This short fall is estimated at a potential $121 million to $651 million deficit for next fiscal year.
The university is hoping to prevent layoffs and other budget cuts that could harm the university’s ability to achieve its mission.
The university says that the temporary pay reductions could save the institution approximately $15.1 million.
“We are facing one of the most challenging times in university history, and we do not take lightly the financial decisions we’ve made over the last few months,” DiStefano said. “We know that livelihoods are in the balance and are trying to be as creative as possible to address financial shortfalls.”