Lawmakers who were counting on a cost savings report the University of Connecticut announced months ago to help offset the $50 million reduction in state aid Gov. Dannel P. Malloy is proposing will need to think again.

University officials said Thursday those savings will not be realized or even identified for quite some time, months after they have to make tuition decisions.

“Their work won’t be done,” said Barry Feldman, the chief executive officer of UConn, during a two hour-long forum to answer questions about what the proposed reduction in state aid will mean for employees and tuition and to update those interested on the study being conducted by McKinsey and Company, a private consulting firm. “We’re going to have to deal with the immediate fiscal challenges separately.”

“It’s going to be a long and interesting journey,” said Peter Nicholls, the universities provost, agreeing the savings will not be realized for the upcoming budget year.

When asked whether the state or the university will get to keep the savings McKinsey will identify in August or September, Nicholls said, “I like to think we are helping ourselves here.”

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