Dear Faculty and Staff,
As you may know, the College has been exploring ways to build a budget for the coming year that would both meet the target for spending from endowment and provide for some level of raises.
In a bit of doubly good news, the College managed, through the efforts of many across campus, to construct a budget that met the target while providing for a raise for all continuing faculty and staff of one percent, and the Board of Trustees chose to increase the endowment spending limit in order to extend an across-the-board raise in 2010-11 to two percent.
In doing so, Trustees expressed their appreciation for the thoughtful, principled, and effective process of reorganization that the campus is engaged in, which is positioning Williams for its strongest possible future. I couldn’t agree more.
While work remains to align completely our operations with the new fiscal realities, a great deal of progress toward that goal has already been made. The Board thanks you for that as do I.
We will increase spending from endowment even further in 2010-11 to take advantage of the Early Retirement Program, which in time will save money. Some 72 percent of eligible staff and 21 percent of eligible faculty have formally expressed interest in the program. We won’t, however, know for more than a month how many will ultimately take part.
Thank you again for the impressive, collaborative way that you all are pitching in to help the College face these challenges.