I am confident that we have approved a responsible, prudent and strategic plan today that addresses our current funding crisis, protects academic quality, minimizes the impact on students and builds a foundation for our long-term recovery.
Clemson faces a loss of at least $45 million in revenue next year. We will cover two-thirds of that – about $30 million -- through aggressive and sometimes painful internal budget cuts and reallocations.
Without this cost-cutting and the use of federal stimulus funds, we would have needed a tuition increase of 26 percent to cover the shortfall. Yet with the steps we approved today, Clemson will be able to maintain academic gains and momentum, while keeping tuition and fee increases to a reasonable 4.5 percent for in-state students and 7.5 percent for non-residents.
Ladies and gentlemen, I think this is about the best we can do under the economic conditions we face. I congratulate President Barker and his team on their planning and on creating the kind of university where demand is high, enrollment is strong and the future beyond this crisis is bright.