UC Santa Cruz Chancellor Cynthia Larive on Tuesday said in a campus message that fiscal year 2024 closed with a larger deficit than expected, at $107 million, and that university officials are expecting another large deficit this year.
“To fully address our budget shortfall, we will need to take additional steps this fiscal year, as well as in future years, to further reduce expenditures,” she wrote in the statement.
The university has used money in its reserves to ease past deficits, but because those reserves are now diminishing, Larive said campus officials will have to slow down hiring, not fill vacancies and implement layoffs, among other cost-cutting measures.
https://lookouexample.com/ucsc-chancellor-says-budget-deficit-larger-than-expected-layoffs-underway/