How is Holy Cross preparing for next year’s budget should the current situation continue, or if enrollment declines?
Depending on the severity and length of the current economic downturn, planning for future budget years could be impacted. The College is constantly monitoring leading indicators that may hint at stresses on the current and future budgets. Applications for admission to the Class of 2013 (including Early Decision applications) were very strong, and more than 700 first-year students will enroll in August 2009, at or above the budgeted number. We currently do not see any signs that enrollment will decline. However, in this economic environment, we must be cautious about our own spending plans. We are preparing multiple contingency plans beginning with fiscal year 2010 that would enable the College to react to a reality that is different from our baseline planning assumptions. The focus of these contingency plans will be to find opportunities to increase revenues and/or cut costs while ensuring that the quality of student experiences remains first rate. In the event that costs need to be c
