University of Akron to cut $22M budget by 2026

The University of Akron is implementing a revitalization plan that involves cutting $22 million from its budget. This plan aims to balance financial responsibility while investing in areas where student interest and job opportunities are growing. According to university officials, the budget cuts will be completed by the end of the 2026 fiscal year. The reductions will be achieved by selling unused assets, cutting costs, and increasing revenue. The university will also focus on investing in programs that are in demand while reassessing those that are not growing. The Board of Trustees stated the importance of adapting to changing needs. Board Chairman Lewis Adkins emphasized the need for a sustainable budget that aligns with the size and needs of the student body. As part of the plan, the university approved a partnership with Radnor Property Group and Capstone On-Campus Management. This public-private partnership will help improve student housing and reduce debt. Additionally, the university is launching the Institute for Computing, Data and Information Sciences. This new institute will focus on high-demand topics like computer science and data science, providing students with valuable experience. University President R.J. Nemer expressed optimism about the future. He mentioned the steps already taken, such as privatizing parking and reducing administration costs. The ultimate goal is to better align educational offerings with student and market needs, ensuring a positive impact on the community.