We have all been informed of the fiscal crisis that our country is experiencing at
the present time. This crisis appears to be global in nature and has spread throughout
the Asian and European markets as well. North Carolina is not immune from the difficulties
our national economy is facing. Our governor, Mike Easley, has taken some actions
to reduce state spending. These reductions are due to the fact that revenues are
lower than earlier projections. Elizabeth City State University (ECSU) will also
be required to implement some reductions. At the present time, General Administration
is suggesting that we consider a 4% budget reduction for the current fiscal year.
The Division of Business and Finance is in the process of revising our budgets to
ensure our fiscal position. Programs will have limited funds available for the balance
of the year. Therefore, I am requesting that you manage your budgets more prudently.
We will not have additional state funds to supplement budgets. Additional directives
will be forthcoming next week regarding our strategy and plan. Business and Finance
will also monitor spending to ensure that we remain fiscally sound.
Please watch for our Financial Symposium which is scheduled for October 30, 2008 in
the New Student Center (Ridley Student Center), from 2 to 4 p.m. At that time, Business
and Finance will introduce a number of fiscal processes which will allow ECSU to operate
more efficiently within the allocated resources.
We appreciate your assistance and cooperation.
Robert G. Gaines, MBA,CPA
Vice Chancellor for Business and Finance
Elizabeth City State University
Elizabeth City, NC 27909
Telephone (252) 335-3220