A distinguished professor of economics at Ohio University predicts the state will slash higher-education funding by 20 percent next year, but OU officials are sticking by their original 10 percent projection.
Richard Vedder, distinguished professor of economics at OU and director of a higher-education research center based in Washington, D.C., called a 20 percent cut to state higher-education funding “an optimistic estimate” — and he said he has also heard from OU President Roderick McDavis.
“I’ve heard that (20 percent) figure mentioned by others, including President McDavis,” he said yesterday, citing meetings he has had recently with the president. “… We’re in for a big cut, but I don’t have any prior knowledge of the governor’s budget.”
Gov. John Kasich will release a draft of his biennial budget March 15, and OU officials have estimated it will contain a 10 percent cut to funding for the state’s public colleges and universities.
In addition to this 10 percent — or about $15 million — reduction, OU is preparing for another possible $9.2 million hole in its budget. The state delayed a payment for this fiscal year from June until July, but OU officials have said they might never receive the money. That brings the total reduction target to $27 million.
“Nothing has changed about that (target),” said Becky Watts, chief of staff to McDavis. “Whatever projections (Vedder) is making are not coming out of this office.”
This potential reduction comes as a result of an $8 billion hole in the state’s budget caused by the absence of federal stimulus money. OU’s share of this stimulus is about $15 million, Vedder said.
“The governor has made it pretty clear that the $15 million from the federal stimulus is gone,” Vedder said. “My guess is we’re going to lose some more beyond that.”
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