President Tetlow to provide financial update at Spring convocation


President Tetlow plans to address faculty and staff at Spring convocation regarding some "unexpected costs." Photo credit: Cristian Orellana

Cody Downey

In an email to faculty and staff, University President Tania Tetlow announced plans to review new information on Loyola’s budget at the Spring Convocation on Jan. 17, including some “unexpected costs” that came up in the fall.

“We begin a new decade having put Loyola on sound financial footing, fully accredited without financial probation,” Tetlow said in the email. “We – really all of you – brought the University from a 25% deficit to a balanced budget.”

The university achieved three years of enrollment growth and a diversified revenue. However, Tetlow stressed the need to continue fiscal improvements.

“It remains crucial that we live within our means and keep our momentum going as we proceed through fiscal 2020,” she said. “Budgets are projections, our educated expectations of annual revenues and expenses.”

Tetlow said she remains optimistic about funding a 3% retirement contribution for the period beginning in January 2020 but at this point cannot be completely sure.

“I cannot tell you how eager I am to restore this contribution and how hard all of us are working to make that possible,” Tetlow said.”I am grateful to all of you for the work you are doing to land our remaining revenue goals, including spring transfers and graduate admissions, fall to spring retention and summer school.”