University of Minnesota Board of Regents reviews recommended annual operating budget

As the University of Minnesota continues its response to the COVID-19 pandemic, discussions about its financial position and anticipated challenges in the coming year were the focus of several conversations throughout two days of Board of Regents meetings this week. University President Joan Gabel introduced her systemwide operating budget proposal for the upcoming fiscal year (FY21) during Thursday's Finance and Operations Committee. "This unique time in our history means we face challenges-and opportunities-unlike any our University has previously encountered. Overcoming challenges and maximizing opportunities will require well-conceived and well-executed planning, starting with a budget that sets the University on a healthy path," said Board Chair Ken Powell. "The Board has a tremendous responsibility to ensure that the University continues to operate on strong financial footing in spite of the pandemic. We're committed to working closely with President Gabel and her administration to manage the COVID-19 response and emerge stronger in support of the University's mission and all Minnesotans." Significant uncertainty about the upcoming year continues to create challenges for all organizations around the world. The University is no exception, which was reflected in Thursday's budget presentation.