It seems like a lifetime ago we told you about plans to go live with our new human resources software, Oracle HCM. And so much has happened—so much has changed—since we announced that we had postponed our first go-live date. What hasn’t changed is our urgent need for this software upgrade, both to modernize our business processes and to save the College money through our work with the Green Mountain Higher Education Consortium (GMHEC).
We write now with a small view into our financial future. Before we do, we thought it worth reminding you of our current fiscal state. In an earlier note we described how we are projecting a $13.0 million deficit for this year ending June 30, 2020, having been hit hard by the stock market downturn and a number of other factors. These include our obligation to refund unused room and board for undergraduates as well as fees from Study Abroad students, expected shortfalls in philanthropy, and lost revenue from auxiliary sources like the ski areas and bookstore as they needed to close early.
At the institutional level, we are guided by two overarching values that we hold side by side: the health and well-being of our people, and of Middlebury as a whole. As we have developed the workplace plan below, our goal has been to ensure that your pay continues—for as long as possible—and that your work continues—wherever possible.