Indiana's public universities will lose $150 million -- or 6 percent of their funding -- because of slumping state revenues, Gov. Mitch Daniels announced Friday.
Daniels' call for the emergency spending cuts came after state revenue for November fell $144 million short of projections, the 14th straight month state tax receipts have missed fiscal forecasts. Overall, since the fiscal year began in July, state revenue is down more than $600 million compared to last year, a decrease of 12 percent. Exactly how each of the state's public colleges and universities would be affected by the cuts remained unclear as Daniels gave the state's Commission on Higher Education 30 days to identify how the savings would be realized. Top university officials say they will work with state leaders to trim spending.
