DES MOINES, Iowa — Faculty, staff and students at Drake University are preparing for some painful cuts. Declining enrollment is hurting the university’s operating budget, so now Drake is slashing more than $10 million in spending. KCCI-TV obtained the minutes of a recent faculty senate meeting, which show faculty positions and academic programs will have to be cut.

According to Drake University, the institution is working with a $128 million operating budget. The Board of Trustees recently approved a deficit of $4.3 million for the current fiscal year. According to meeting minutes, the university has reached an “understanding” with the board to have a plan in place by fiscal year 2025 to balance the operating budget by fiscal year 2026.

In a statement provide to KCCI by Drake University, officials said (in-part) “Colleges and universities across the United States have been impacted by an approximate 10% nationwide decline in college enrollment over the last decade, and no Iowa institution has been immune to this shift. Drake is fortunate to have an incredibly strong balance sheet with healthy cash reserves, and a low amount of long-term debt. However, as enrollment revenues have declined, our operating budget has been put under stress.” The University has a $128-million operating budget, according to the statement.

The University says its projections indicate they would start with a budget that is out of balance by more than $10 million, if no action is taken. “This figure”…according to the school…”does not account for more than $4 million in temporary reductions in the current year that, for the most part, will be converted to permanent reductions next year. And it does not account for any expected changes in enrollment.”

Drake officials say they will continue to make institutional changes in their expense structure, with the overall goal being a balanced budget, while preserving academic excellence. According to Drake University’s website, nearly 4,900 total students are enrolled, including close to 3,000 undergraduates. The university offers more than 140 majors from six colleges and schools.