Washington State University’s current fiscal year budget deficit caused by the pandemic has grown to over 62 million dollars. The details are outlined in a report to the WSU Regents for their meeting next week.
The last report to the regents in September expected a 51 million dollar budget deficit for the current fiscal year attributed to reduced revenues caused by the pandemic. That projected budget shortfall has now grown to 62.2 million dollars. The increased deficit forecast has been caused by additional revenue losses from continued online instruction, a parking services revenue loss of over 2 million dollars and additional revenue declines for Cougar Athletics.
The report to the regents notes that the administration will try to cover the current fiscal year deficit internally before seeking outside debt financing. The document reports that reserves designated for construction, 24 million dollars in federal coronavirus relief funding and 11 million dollars in savings from debt refinancing could be used to help cover shortfall.
The report to the regents is an informational item. The WSU Regents are meeting next week.