UVM tackles multimillion dollar budget gap - WCAX.COM Local Vermont News, Weather and Sports-

UVM tackles multimillion dollar budget gap

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The University of Vermont says it has found a way to fix a multimillion dollar financial crunch.

UVM is pointing to a drop in revenue and an increase in student financial aid for a nearly $8 million budget gap heading into next year.

The university is seeing a dip in incoming out-of-state students who pay more than Vermont students in tuition. Adding to the gap is an additional $3.7 million in financial aid dollars that's being used to recruit next year's class.

Tuesday, trustees approved turning to one-time university funds to meet the shortfall.

"We have these ups and downs fairly routinely, but this one came a little later than normal so it's become more of an issue. It is not unusual at all for us to internally find the means to fix this kind of an issue long before we go to the board," said Richard Cate, the vice president of finance at UVM.

The university says the number of in-state students enrolling on campus is on the rise.

UVM is working with an overall budget of $600 million.

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