Date: February 29, 2024
The Budget Process is upon us once again. At the February Board meeting, the Budget parameters are determined in which the budget must be constructed. There are various factors. We have the endowment draw; funds from the Lettie Pate Evans Foundation; and small supplementary revenue streams. The process is that each department receives a proposed budget and then in a discussion with Senior Vice President Jacqui Ballou and me the budget is finalized.
It looks like the budget for 2024-25 will be tight. We will ask departments to reduce their non-salary lines. A major responsibility is to the future – intergenerational equity matters. So, we continue with a responsible draw from the endowment; and spending must be within those parameters.
It is naturally a stressful time for departments. So, do be gentle with us as we navigate the next few weeks.
The Very Rev. Ian S. Markham, Ph.D.
Dean and President and the President of The General Theological Seminary