President Eibeck's Message on Stockton's Financial Situation
To University of the Pacific Students, Parents, Faculty, Staff and Alumni:
Last night, the City of Stockton made the difficult decision to enter into a process that will lead to the city's bankruptcy. Stockton, the home of our main campus, will become the largest American city ever to file for bankruptcy. We support the Stockton city leaders and are convinced that this process, painful though it is, will allow us to collectively build a financially robust city in the future.
Some have asked me how this bankruptcy filing will affect University of the Pacific, as well as how University of the Pacific is helping the city. I want to share my thoughts with you.
First of all, the University will continue to conduct our business of educating young people with the same strength that we have enjoyed for the past 88 years here in Stockton. Our finances remain robust, we are welcoming the most academically accomplished freshman class ever, and we are ready to launch an ambitious new strategic plan. As one of the largest employers in Stockton, we are glad that our salary and operating expenditures of nearly $250 million contribute significantly to the jobs and economic well-being of the region.
The City of Stockton is entering bankruptcy to protect the city from further cuts in services to residents, many of whom are our students, faculty and staff. As part of our commitment to go "Beyond Our Gates," Pacific has stepped forward to contribute to some of the most important community needs. Some examples include:
- SECURITY: Under a Memorandum of Understanding with the City, University of the Pacific Public Safety officers routinely patrol the neighborhoods around the campus and regularly provide assistance to Stockton Police. Pacific also contributes $20,000 annually toward enhanced security for businesses in the Miracle Mile retail district.
- HEALTH: Our pharmacy, speech language pathology, physical therapy and dental programs offer workshops, clinics and health fairs to provide thousands of children and families - many of them uninsured - with critical health screenings and services.
- EDUCATION: Extensive tutoring services, after-school and summer academies, and other educational opportunities support the work of our local schools, especially among vulnerable student populations. We are partnering with community leaders to launch a community-wide effort to improve early literacy in San Joaquin County. And we also offer lectures, concerts and workshops exposing students and community members to some of the best cultural opportunities and brightest thinkers in the nation.
- ECONOMIC DEVELOPMENT: In addition to employing 1,900 people in the region, University of the Pacific business and engineering students bring their knowledge to projects that benefit local businesses. Our Business Forecasting Center serves as a respected source of information for elected officials and policy makers, and we foster the success of innovative startups through the San Joaquin Angels investment group and the San Joaquin Entrepreneur Challenge.
University of the Pacific is proud to be a part of the Stockton community. We stand ready to help our city officials and community members now and in the future. And we are confident that the action by the City to enter bankruptcy filing is the necessary step toward a very bright future.
Pamela A. Eibeck, Ph.D.