TUCSON, Ariz. (KGUN) — The Arizona Board of Regents (ABOR) is taking steps to increase financial oversight for all three state universities, in light of the University of Arizona's recent budget concerns.
In a special meeting now scheduled online for Wednesday, Dec. 13 at 5 p.m., U of A President Dr. Robert Robbins will present a report detailing the university's ongoing deficits as well as his plan to implement fiscal controls.
ABOR will adjourn to closed executive session at 5:05 p.m., and return to public session by 5:35 p.m., according to the meeting agenda.
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ABOR is calling for centralized financial monitoring and tighter budget controls for financial aid given to out-of-state students.
"To guard against the mistakes made at the University of Arizona, the board will reinforce existing financial management requirements and monitoring by implementing additional governance principles and review mechanisms to increase the board’s insight into – and confidence in – university financial processes," reads the memo.
The memo also presents financial management principals for all three universities, including centralized financial planning and budgeting processes, as well as budgetary controls they say will prevent over-spending.
The Regents also say in the meeting memo they will ask Robbins to hire outside experts to revamp budgeting and controls. Two Regents will also be designated as special points of contact for the university.
The Board has scheduled a presentation by Robbins in the online-only meeting called for late Wednesday afternoon, which appears to be the new budget plan Robbins was originally asked to present at the upcoming Friday, Dec. 15 ABOR meeting.
Members of the public are able to view Wednesday's virtual ABOR meeting online at 5 p.m. Regents will enter executive session after convening the meeting, with public proceedings scheduled to begin at 5:35 p.m.
KGUN will livestream the public portion of the meeting on our website Wednesday beginning around 5:30 p.m.
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