University Announces Budget for Fiscal Year 2003 Raises

University Announces Budget for Fiscal Year 2003 Raises

Boston College has announced a 2 percent budget for salary increases for University employees, with an additional 0.5 percent budget for mid-year/equity salary adjustments, for its fiscal year 2003-04 budget. The salary increases will be administered through the annual merit review process that begins this month.

In the wake of a sluggish performance by the United States economy and announcements of substantial cost-containment measures at several of the nation's top universities, Vice President for Human Resources Leo Sullivan informed vice presidents and deans that the budget will provide for a combined salary budget increase of 2.5 percent for University faculty and administrative staff.

The budget allows for a 3 percent pool for all non-exempt staff and for those exempt staff with full-time-equivalent salaries of less than $50,000, and a 2 percent pool for exempt staff with FTE salaries of $50,000-119,999. There will be no salary increases in the annual merit review process for employees with FTE salaries above $120,000.

"We are pleased to be able to offer a salary increase for the coming fiscal year to recognize the hard work and dedication of Boston College employees," said Sullivan. "With salary increases ranging from zero to 3 percent nationally, we feel that a 2 percent merit budget for salary increases will place us in a competitive position among academic institutions."

According to recent reports, some of BC's competitor institutions have proposed or are considering layoffs or salary freezes to deal with budget deficits exacerbated by the economy's negative effect on university endowments. Nationally, endowments have decreased by an average of 11 percent this year, reducing revenues that in previous years had supported university operating budgets.

"Fortunately, Boston College has not had to embrace the stringent measures of some of our competitor universities," said Sullivan. "Our sound investments strategy and effective financial governance have benefited the University, but we need an economic turnaround to help stabilize the endowment so that we can reward our top performing employees in the coming years through the merit review process."

-Jack Dunn

 

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