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2% overall cost reduction required to meet fiscal goal
Directors and managers were busy finalizing their department budgets this week for the next fiscal year. Over the next several weeks, Finance will review and analyze budget submissions. Budget hearings with vice presidents will begin in late May. BW/F's FY06 budget process will be complete by mid-summer.
According to Michael Reney, Controller, a two percent cost reduction is required overall to partially offset health care expense inflation in excess of revenue growth. “This requires a concerted effort across BW/F's full distributed campus,” he said.
In order to meet such cost savings and produce a workable budget for the upcoming fiscal year, “we need to carefully weigh new initiatives against ongoing operational needs,” said Kate Walsh, executive vice president and chief operating officer of BW/F.