UAMS Financial Picture Much Improved, Patterson Says
| Chancellor Cam Patterson, M.D., MBA, and other senior leaders told employees May 14 that the financial picture for UAMS is much brighter than it was in fiscal year 2018.
The chancellor recalled that when he was first interviewing for the job, it was a dark time for the institution. UAMS was on track to sustain a $70 million deficit that year.
UAMS employees filled the Fred W. Smith Auditorium in the Spine Institute for the town hall.
“But Team UAMS pulled together through those tough times, and now we are seeing the results of those efforts,” he told a packed house in the Fred W. Smith Auditorium in the Jackson T. Stephens Spine & Neurosciences Institute.
Amanda George, MHSA, CPA, vice chancellor for finance and chief financial officer, said as of March 31, UAMS is running a $34 million surplus. Even when unbudgeted one-time items are removed, UAMS still has projected a nearly $4 million surplus for the fiscal year that ends June 30. UAMS has also submitted a balanced budget for fiscal year 2020, she said.
Amanda George, MHSA, CPA, vice chancellor for finance and chief financial officer, told employees that UAMS is running a $34 million budget surplus for the current fiscal year.
“The hard work we’ve done together has paid off,” Patterson said. “We’ve balanced our budget so that we can fulfill our mission — our mission to teach, our mission to discover and our mission to provide compassionate care.”
This improved financial picture means that UAMS can invest in its most valuable resource — the employees, Patterson said.
Becky Harwell, interim vice chancellor for human resources, announced that UAMS has made strides in efforts to get all employees to a wage of $14 an hour. All non-classified employees will be raised to this level, effective April 1, with back pay included in upcoming paychecks.
Becky Harwell, interim vice chancellor for human resources, announced the steps UAMS is taking to increase compensation for employees.
UAMS doesn’t control the pay scale for classified employees, she said. However, leaders are petitioning the Arkansas Department of Higher Education to allow the pay increase for these employees to $14 an hour. Classified employees also will receive a 1% raise July 1, she said. In addition, all employees employed at UAMS as of Jan. 1, will receive a COLA 1% lump sum payment in June, Patterson said.
In all, UAMS has earmarked $20 million for compensation in fiscal year 2020 — $6 million for the living wage and $14 million for additional salary adjustments for market and merit-based increases.
Stephanie Gardner, Pharm.D., Ed.D., senior vice chancellor for academic affairs, provost and chief strategy officer, shared that Patterson had released $300,000 for year-end research grants and $125,000 for year-end education grants.
Christina Clark, MBA, vice chancellor for institutional support services and chief operating officer, updated employees on a Master Facility Plan, which goes along with the Vision 2029 strategic plan also in development and should be completed by January 2020. This plan will help UAMS determine where to collocate people and where to put buildings in the future, she said.
Clark also discussed plans to create a centralized furniture depository, where departments could shop for office equipment from stockpiles UAMS already has. The goal is to reduce waste on campus, she said.