PEORIA, Ill. – COVID-19 could bring a big economic blow to the campus of Bradley University.
Bradley announced Monday that the school may have to make up to $40 million in budget cuts due to a 25% loss in revenue because of previous budget issues and an anticipated drop in enrollment.
According to a statement by Bradley University’s president Gary Roberts, steps will have to be taken to help bolster the school’s finances for the upcoming year.
Roberts said the school “will not come close to closing a potential 25% or more budget deficit of nearly $40 million.”
The university will review which financial cuts will be made, which could include postponed sabbaticals, construction projects, and a straight out spending freeze.
Other potential cuts at Bradley could involve the reduction of programs, staff and salaries.
“Please know that we are doing all we can to preserve as many jobs as possible while we preserve our university. I remain optimistic about the future of Bradley,” said Roberts.
WMBD News reached out Monday night to Bradley University and was awaiting comment.
