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By João-Pierre Ruth
Midyear budget cuts by the state, restricted borrowing for capital projects and challenges in fundraising were among the concerns highlighted by McCormick. Furthermore, the university said it instructed the heads of all academic and administrative units to prepare contingency plans by Nov. 7 to cut expenses.
McCormick also said fundraising to support the expansion under way at Rutgers Stadium was moving slower than anticipated. Early this year, the board of governors approved a $102 million plan to add 14,000 seats at the Piscataway stadium, raising its capacity to 56,000. The project was to be funded by $72 million in bonds and $30 million in donations through a fundraising campaign spearheaded by Gov. Jon S. Corzine and state Sen. Raymond Lesniak (D-Union).
Given the tepid reception from donors and the rising cost of borrowing required to finance the project, McCormick said he asked the university facilities and the division of intercollegiate athletics to explore options to cut construction costs, but offered no details on how such changes might affect either the scale of the project or the timetable to completion. The upgrades were originally expected to be complete by 2009.
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