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V O L . X X I X N O. I JA N UA R Y 9 , 2 0 2 3 18 2 0 2 3 E C O N O M I C O U T L O O K a lot of embedded practices to unwind at a time when inflation has been stubborn and the global environment is shaky," Greene told Mainebiz. "We certainly feel the impact of rising prices and a changing labor force at Colby. Our two larg- est expenditures are personnel costs and financial aid, both of which can fluctuate significantly in an inflation- ary environment or in a sustained eco- nomic downturn. On top of that, we purchase many items that consistently rise in price faster than the CPI, such as specialized instrumentation for scientific research and books and jour- nals for our library collection." He also cited the effect higher con- struction costs have had on the col- lege's numerous expansion projects. "One area where we have seen a real challenge from inflation and sup- ply chain disruptions is in our capital projects. We have been able to work through these issues successfully while opening four new residence halls this year and two art centers in two years (with a third opening in August). I expect we will start to see more cer- tainty in commodity and labor pricing for other projects we currently have in planning, but the prices are still going to be high," Greene said. Greene also voiced his concern about rising tuition costs. "e cost of college is rightly a con- cern for many, and our commitment is to ensure that Colby will always be affordable for the talented students we admit no matter their personal financial circumstances. Our financial aid programs ensure that lower- and middle-income families can send their children to Colby without taking out loans and at a cost that is among the lowest in the nation for both private and public colleges. We will not com- promise on that commitment even in the face of other financial pressures," Greene said. rough all of that, the Colby president said he hopes to maintain the forward motion the school has had in recent years. "Our biggest challenge in the coming year will be to maintain the extraor- dinary momentum that has propelled Colby and Waterville forward in recent years," Greene said. "I am confident we will be able to continue our push forward but the risks are real because of the way recessions and economic uncertainty can lead to inertia and a wait-and-see approach. My view is that it is in these moments, when others are laying low or retrenching, that smart organizations with a willingness to take calculated risks can make the most progress. Colby has done that time and again to great effect." Are you Ready for the Retirement of your Dreams? Whatever your there from here. Let Golden Pond be your Guide. Let' visit www.goldenpondwealth.com or call 207-873-2200 » C O N T I N U E D F RO M P R E V I O U S PA G E P H O T O / J I M N E U G E R David Greene, president of Colby College, at the opening of the Paul J. Schupf Center in Waterville. F O C U S We certainly feel the impact of rising prices and a changing labor force at Colby. — David Greene Colby College

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