Balancing the Budget

Balanced Budget
The academic year of 2003-2004 saw for the first time in 11 years, a balanced budget for the University of Bridgeport. Yet, due to unforeseen expenses and inadequate management over spending, the year ended with a 2.25 million dollar defecit. This year, under the eye of the new Vice-President of Administration of Finance, Thomas Oates, the school hopes to keep in check the expenditure up against revenue. He hopes that “with responsible fiscal management and the cooperation of the students, staff and faculty” to have a balanced budget to move forward to a brighter future for the University. President Neil Salonen points to the major improvements since the near closing of UB 12 years ago: “we’ve gotten out of a disasterous situation 12 years ago, have 3 times the number of students and are no longer dependent on outside funding.”
Over a decade ago, in order to prevent the closing of the school, the Professors World Peace Academy (PWPA) agreed to provide the school with financial support in exchange for the power to appoint 60% of the members on the Board of Trustees. The funding caused contraversy, as the PWPA has ties to the rather contraversial Unification Church. Yet the funds have been essential to keeping the school afloat in times where years of financial mismanagement had almost closed the doors of the University. Over the years, the PWPA has provided an estimated 113 million dollars in support, but as of the last academic year, UB has been expected to stand on its own.
With a balanced budget and financial independence, the University will be eligible to make more long-term investments into the future. Although the changes have been gradual, the University has seen a lot of enhancements to its programs and facilities: internet connection in all the dorms, five percent raises for the faculty this year, new identification cards, a new security system, etc. One senior, Lillie Kirkley commented on the improvements “in the residents’ halls, added new majors such as psychology and martial arts and a more-involved faculty.” In all, things look good for the future of the University.