UPDATE 3:30 p.m.
At the Gov. Katie Hobbs' request, the Arizona Board of Regents (ABOR) delivered a plan for enhanced financial oversight at the University of Arizona.
"The Board today submitted a plan to chart the path forward to strong financial health at the University of Arizona," said ABOR Chair Fred Duval in the public portion of Friday's Regents meeting.
According to the report, the initial budget actions include:
- Lower administrative costs, starting at the top
- Improve service and reduce costs through centralized administrative operations
- Increase revenue opportunities without increasing established tuition caps
- Eliminate duplication by implementing a unified approach
Duval encouraged members of the public and university community to read the report, which has been published online:
READ: ARIZONA BOARD OF REGENTS ENHANCED FINANCIAL OVERSIGHT REPORT
KGUN 9 will have more information coming up in our evening newscasts.
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The clock is ticking for the Arizona Board of Regents (ABOR) and Univeristy of Arizona leaders to present a plan to the Governor on how to solve the university's budget shortfall.
On January 25th, Governor Katie Hobbs sent a letter to the ABOR, expressing some of her concerns with how the university's $177 million dollar budget deficit was being handled.
The University of Arizona's financial crisis is rooted in a lack of accountability, transparency & leadership. We must take action to restore the public’s trust.
— Governor Katie Hobbs (@GovernorHobbs) January 26, 2024
Today, I sent a letter to the @AZRegents outlining the actions required to increase accountability. pic.twitter.com/JPFfPUX74R
Hobbs gave ABOR a deadline of Friday, Feb. 9 to provide a "detailed plan" including "major strategies and tactics" that will be used to help fix the financial issues plaguing the university. The Governor also requested the presence of a third-party consultant to help with the plan, as well as monthly updates on the progress made by the UA.
Hobbs stated that the financial crisis has damaged the credibility and reputation of both ABOR and the University of Arizona.
The next major deadline is on Tuesday Feb. 20: Gov. Hobbs is asking UA and ABOR leaders for a report on the purchase of the University of Arizona Global Campus (UAGC). In her letter, Hobbs mentioned reports of conversations between campus leaders about the purchase of UAGC and the "risky nature" of the decision.
RELATED UNIVERSITY OF ARIZONA NEWS:
- University union members say "chop from the top" as UA grapples with finances
- What interim athletic director Mike Candrea says about Tommy Lloyd's contract
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