From the Chancellor - Temporary pay impacts due to COVID-19
June 11, 2020
Dear Faculty and Staff,
I can’t thank you enough for your sacrifices and flexibility in the face of our budget challenges. I continue to be grateful for your hard work and collaboration in the face of new challenges. And I’m inspired by your commitment to our public mission.
Today, we are announcing a difficult decision that will help ensure CU Boulder’s health, limit drastic financial impacts to employees and allow the university to continue its mission well into the future.
Temporary pay reduction and furloughs for one year
Most of our faculty and university staff will see a temporary 5% reduction in pay for one year, beginning July 1, 2020. This temporary reduction will apply to employees with an annualized pay rate of more than $60,000. University staff and 12-month faculty will receive 12 days of furlough leave to use during the year of reduced pay.
Human Resources and Faculty Affairs will begin to send follow-up emails tomorrow with more information to impacted university staff and faculty.
This temporary reduction in pay does not apply to classified or temporary staff; additional exceptions are detailed on the HR COVID-19 Guidance webpage.
CU Boulder’s funding shortfall is potentially between $121 million and $651 million for the next fiscal year alone. This measure will save approximately $15.1 million and help prevent imminent layoffs and other cuts that would harm our mission.
What we’ve done to date
Reduced salaries for executives, officers, deans, chancellors, vice chancellors and myself by 10% via furlough.
Paused most hiring.
Implemented continuous and periodic furloughs in multiple departments.
Reduced non-essential expenses.
Prioritized the use of gift funds.
Engaged in budget reduction scenario planning for FY 2020-21.
We are facing one of the most challenging times in university history, and we do not take lightly the financial decisions we’ve made over the last few months. We know that livelihoods are in the balance and we are trying to be as creative as possible to address financial shortfalls.
You are CU Boulder’s biggest asset and the reason we are still able to pursue our public mission. Thank you.