NASHVILLE, Tenn. (WKRN) — The Tennessee State University (TSU) Board of Trustees announced in a Friday meeting that the university has experienced "severe structural deficits" that, if left, unaddressed, could impede the university's ability to carry out its mission.
Dr. Ronald A. Johnson, interim president of the university, spoke in a video message about steps that the university is taking to address financial concerns. Johnson said that the issue has been cumulative, coming to a head over the course of the last two fiscal years.
"We are implementing the following measures: a hiring freeze across the university, a spending freeze on non-essential expenditures, strategic alignments, including workforce adjustments and cost-saving measures to enhance efficiency and adhere to our budget," Johnson said. "I want to be clear: these measures are difficult, but necessary. They will take effect immediately to prevent further financial strain."
TSU's chief financial officer, Dr. Daarel Burnette, followed the president's announcement and said that "there's a light at the end of the tunnel."
Burnette said that 70 percent of TSU's $218 million budget is dedicated to people, stating that even though enrollment declined, workforce costs stayed the same.
Johnson added that an information session on the financial action plan would be held on Monday, September 23 at 3 p.m., stating that additional details and answers to questions would be provided.