SYRACUSE, N.Y. (WSYR-TV) — Syracuse University is another economic casualty of the COVID-19 pandemic.
In an announcement Monday, Syracuse University Chancellor Kent Syverud said the university had $35 million in unplanned spending and unrealized revenue. As a result, he says SU is freezing merit pay increases for faculty and staff. Employees in bargaining units will receive pay as directed by contracts.
Syverud and two top administrators will take a voluntary 10 percent pay cut, as will members of the Chancellor’s Council, including vice chancellors, senior vice presidents, and deans.
The athletics director and coaches in football, basketball, and lacrosse will also see the 10 percent pay cut. The funds generated through the measure will be reallocated to support students, faculty, and staff who are particularly impacted by the COVID-19 pandemic.
The salaries below are of five of the highest paid employees. These figures are based on the 2017-2018 fiscal year for S.U, the most recent IRS filings available publicly.
This can give a general idea of how much money could be saved and distributed differently through the university.
The university is also implementing a hiring freeze for nonessential positions. SU says it will also require each department to cut its expenses by five percent.
While work will continue on renovations to the Carrier Dome and other “mission-critical projects,” all other capital projects are on hold.
“While there are many unknowns for the coming year, we can realistically expect further and significant financial challenges ahead,” Syverud said. ” We must take action that allows the University to continue delivering on its mission while at the same time securing our financial future.”
More from NewsChannel 9:
- WATCH: Lake effect on the move overnight. Whose morning commute is impacted?
- As the wait continues for adult-use marijuana licenses, CBD shops adapt to new regulations
- Some local businesses concerned about supply chain ahead of styrofoam ban
- Closing arguments wrap up in the James White quadruple murder trial
- SU students react to booster, flu vaccine requirement
For more local news, follow NewsChannel 9 on Twitter @NewsChannel9