Independent auditors will be looking at University of Arizonas finances as it works to pull out of a $177 million deficitthat was one of the things faculty and staff heard from the University President, and the Chair of the State Board of Regents.
KGUN 9 has more on why no one seemed to notice the Universitys finances were shaky until the budget hole was so deep.
University of Arizona President Dr. Robert Robbins has been very much in the hot seat since word got out since UA was in a deep financial crisis. Now he has faced faculty leadership with more on the plan to pull out.
Faculty and staff leaders heard from President Robbins, Regents Chair Fred DuVal and Interim CFO John Arnold. What they heard was the Universitys running a deficit of $177 million and that 61 of the Universitys 81 departments and divisions are in the red.
John Arnold said departments should prepare tentative budgets with five, ten and fifteen percent cuts.
Health Sciences Instructor Collette Scott asked how to cope with a growing program and a shrinking budget.
What do we start saying no to? How do we retain the staff when were asking them to do more with less?
Regents Chair Fred DuVal says the Regents complied with Governor Hobbs call for independent accounting by hiring two consulting firms. He says ABOR is committed to protect student financial aid and staff retirement accounts.
RELATED: Under scrutiny, UA leadership talks plan to address financial crisis
Asked how the financial hole grew so deep before University discovered it, Doctor Robbins says when he first arrived he questioned whether the University should continue to use financial models that allocated resources but did not do a good job of tracking costs. But that method encouraged more students to take more classesand it worked financially until COVID and sweeping changes in collegiate sports upended university finances.
Now with Governor Hobbs asking whether the University needs new leadership, Robbins says hell stay as long as the Regents want him.
I committed to them when I took this job. I’d be here 10 years, six and a half years in but I work for the Regents and if they support me and want me to continue this to provide stability to solve this problem that happened on my watch, I need to solve it to continue to support all the great things we’re doing.