University of Wisconsin System President Ray Cross said on Friday the time has come to dip into the system’s reserve funds, as it faces about $300 million in cuts in the next state budget.
UW System Administration has $20 million in reserves that can be used to support any UW campus. The funds are in what’s known as the “systemwide account.”
Cross, speaking at UW-La Crosse, said that money has to be used as administrators figure out how to spread the cuts out to the different colleges and universities.
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“In an effort to give us time to figure out how to effectively look at this allocation process in a rational model, we’re prepared to use all of that. If there ever was a rainy day, this is it. It doesn’t do you any good to hold on to the deck chairs when the whole Titanic is going down,” said Cross.
Cross said it’s risky to deplete the funds, but he said it’s even riskier to not use the money while campuses struggle.
He also said that cuts to the UW System could be reduced if state revenues are more than $300 million. Those revenue figures will be released next week.
Cross made his comments at an open forum with UW-La Crosse faculty, staff and students. The forum can be viewed here.
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