MONTPELIER, Vt. (AP) - The Vermont State Colleges Board of Trustees’ executive committee has unanimously approved a five-year plan for the state colleges system recommended by the chancellor.
The committee recommended on Dec. 17 that the Community College of Vermont be left as a standalone accredited institution under the system’s umbrella and that Castleton University, Northern Vermont University and the Vermont Technical College be consolidated into one single accreditation system, the Caledonian Record reported.
Chancellor Sophie Zdatny said that recommendations from the committee were used as a guide to finalize “a recommendation for a transformed organization, governance, and operational model that is fiscally sustainable and fulfills its mission of delivering an affordable, accessible, high quality, student-centered, workforce-relevant education for Vermonters in measured stages to be completed within five years.”
The coronavirus pandemic thrust the system into crisis when $5.1 million in room-and-board fees had to be refunded.
The state approved a more than $30 million bridge funding measure to keep the system afloat this year.
The projected operating deficit for the fiscal year 2022 is $45 million, including an existing system structural deficit of $25 million.
The plan calls for $5 million in annual reductions to pay down the structural deficit over the next five years. The plan also builds in COVID mitigation funds of $20 million next year, assuming additional federal stimulus help.
The system is seeking $45 million in bridge funding for the upcoming fiscal year.
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