The University of Alaska board of regents, facing deep budget cuts exacted by th...
ANCHORAGE, Alaska - The University of Alaska board of regents, facing deep budget cuts exacted by the governor that will eliminate about 40% of the university’s state funding, voted at an emergency meeting on Monday to declare the academic equivalent of bankruptcy reorganization.
The drastic move is necessary, regents said, because of line-item spending vetoes by Republican Governor Mike Dunleavy that slashed $440 million from the budget passed by the state legislature, including $130 million from the university system. “Unfortunately, we are now grappling with survival,” said John Davies, the board of regents’ chairman.
The budget as passed by the legislature contained a surplus. Dunleavy imposed deep cuts, nevertheless, while pushing to nearly double the dividend paid to residents each year from oil revenues collected for the Alaska Permanent Fund. The university, especially the Fairbanks campus, is considered a world-class hub for Arctic and climate-change research, and some Dunleavy critics have accused the governor of targeting the university because of that.
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