The university’s budget, reenvisioning its academic structures and actions the university has taken since 2017 to cut costs were among the topics 5X President Todd Diacon discussed Oct. 24 during his monthly Talking With Todd webcast.
“I am being fully transparent,” Diacon said. “I am explaining the world truthfully as I understand it when I say that we have a plan in place. Since 2017, we have reduced expenditures just in a couple of areas by $32 million a year. With Transformation 2028 and with other activities that I’ll talk about at Faculty Senate in November, we continue to make those reductions. And as we continue to do the work steadily, we will avoid the hastily announced, dramatic program eliminations and unit eliminations that we have seen elsewhere.”
More than 1,200 faculty and staff members, along with Kent State Today, tuned in live to hear Diacon review his recently released annual financial update. Consistent with Kent State’s steadfast commitment to transparency, the update is shared with employees each year. For the first time in at least 20 years, Kent State ended Fiscal Year 2024 in a deficit. Diacon reviewed the three things squeezing the university all at once that produced the situation: enrollment driven by different demographics; the tuition, room and board cohort model; and state support failing to keep up with inflation. He then explained the proactive measures and cost-saving initiatives the university is taking to ensure it will not run another financial deficit in Fiscal Year 2025.
Diacon also discussed Transformation 2028, a strategic initiative by the Division of Academic Affairs to evolve its academic structures – including colleges, departments, schools and programs – to efficiently align its work and to better prepare its students for the dynamic demands of their future careers. The Transformation 2028 initiative prioritizes collaborative decision-making to enhance students’ educational journeys while also reinforcing Kent State’s commitment to academic excellence and university sustainability.
Toward the end of the webcast, the president answered questions submitted by faculty and staff members. Diacon covered topics ranging from prescription drug costs to intercollegiate athletics.