Ithaca College is working toward eliminating its annual budget deficit by Fiscal Year 2028, according to updates shared at the May 20 State of the College gathering. President La Jerne Terry Cornish and top administrators outlined both financial and enrollment strategies aimed at stabilizing the institution’s future.
FY 2026 budget approved
The college’s Board of Trustees approved the FY 2026 budget, with projections laid out for FY 2027 and FY 2028. While specific cost-cutting measures—including potential job eliminations—have yet to be announced, they will be rolled out gradually by department leaders.
Vice President for Finance and Administration Tim Downs said the college has already made $11 million in expense reductions. However, over half of the planned deficit elimination will come from increasing revenue, not cuts alone.
“We can’t cut our way to success,” Downs said. “We need a balanced approach focused on enrollment growth and reducing the discount rate.”
Enrollment outlook strong for fall 2025
Vice President for Enrollment Management Rock Hall reported that the college is on track to meet its fall enrollment goals, a key component of its budget strategy.
- Applications exceeded expectations, nearing 13,000
- Net deposits are 11% higher than this time last year
- The college is actively engaging with non-deposited students and their families
The target is to enroll about 1,200 new undergraduate students annually, while reducing the discount rate to boost net tuition revenue.
Student experience remains a priority
Despite budget tightening, President Cornish emphasized that student services will remain central to all decisions. She credited faculty and staff for an “incredibly successful academic year” and said the college’s long-term outlook remains positive.
“Our future is bright,” Cornish said. “But we’ll get there only if we move forward together.”
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