Friday, March 29, 2024

Ithaca College’s deficit projected to reduce by about $5M by end of FY24 - Prakriti Panwar, Ithacan

Downs started by giving a summary of fiscal year 2024 (FY2024) which will end June 30. Downs said the college went into the 2023–24 academic year with a deficit of $12.5M but forecasts that by the end of FY24, the deficit will be $7.6M. A deficit refers to a situation where the college’s total expenses are greater than its total revenue.  “Right now we are trending slightly favorable to [the $12.5M deficit],” Downs said. “About $5M favorable. But I still want to remind people that it is a deficit. While we want to celebrate that we are getting better, we are still in the negative by about $8 million this year.”