Penn State Expecting $124M Budget Shortfall

Penn State officials said on Monday that they are taking steps, including a series of targeted budget reductions, to address an expected shortfall of $124 million for the current fiscal year. The shortfall in the university's $2.2 billion education and general budget, which funds core academic programs, instruction and research, is the result of what Penn State says are financial pressures facing colleges nationwide, including overall enrollment declines and rising health insurance costs. Penn State reported its largest ever undergraduate enrollment this fall at the University Park campus, where it welcomed a record-high first-year class of 9,907 as it works toward a previously announced goal of 10,000 for incoming freshman classes. But overall, the university saw a total enrollment decrease across all campuses of 3,058, with half of that decline at the seven Commonwealth Campuses slated for closure after the spring semester. While that decrease at the closing campuses was ant