KVUE -- The University of Texas is looking to trim some expenses.
In the new report “Smarter Systems for a Greater UT”, facts show the campus could generate up to $490 million in savings over the next 10 years without negatively impacting teaching and research.
On Tuesday morning UT President William Powers unveiled how the cost cutting measures would unfold.
Powers says he relied on the work of a 13-member committee which he appointed in April of last year. The group developed three broad recommendations.
- The first calls on President Powers to consolidate business and administrative functions. Sharing services could save roughly $200 million over 10 years.
- The second measure focuses on licensing new technology generated on campus. Doing so could improve the commercialization of those technologies.
- Lastly the group recommends dissecting assets on campus and cutting out the extras. Selling excess power, for example, could bring in $16 million. While outsourcing services such as food, housing and parking could save even more.
“Why do this? One reason of course is to keep a UT degree as affordable as possible for our students and their families. But another is to free up resources to continue on our path to become the best public university in America. This time it’s not just to balance the budget,” said President Powers.
Recently the campus made budget cuts totaling $47 million a year. President Powers described those changes, which included reforming undergraduate curriculum, as painful. He went on to explain that the measures proposed in “Smarter Systems for a Greater UT” won’t be easy either. Some require upfront investments. Powers admits they may not be worth the cost.