COLUMBUS, Ohio -- Several Ohio State University trustees have asked the school to prepare budget reduction scenarios of 10, 15, and 20 percent to get ahead of the potential impact of the spiraling economy.
At a meeting of the Fiscal Affairs committee, Trustees Les Wexner and Robert Schottenstein called for conservative planning in advance of future financial challenges.
Other Trustees agreed with the need to prepare for potential scenarios provided the quality of education is not compromised.
OSU Senior Vice President for Business and Finance William Shkurti said the school's long-term investment portfolio lost more than one-third of its value since the beginning of the year.
"We may be in for difficult times and we will have to make adjustments to deal with it," Shkurti said. "But this is a very resilient institution and it's been resilient for a reason."
The school is already taking steps to cope with a reduction in state government funding of more than $6 million that will have the largest impact on OSU's cooperative extension service and agriculture research center in Wooster.
Shkurti said the school has achieved cost savings in the areas of energy usage, employee benefits and strategic purchasing.
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