Some UW System regents say financial transparency may have averted lawmakers' budget-slashing - DINESH RAMDE , Associated Press

A legislative move to slash the University of Wisconsin System's budget might have been averted had system officials been more transparent about its financial status, several regents told UW leaders Thursday. The Joint Finance Committee recently voted to eliminate a proposed spending increase of $181 million for the UW System in the upcoming budget, and also cut an additional $2.5 million. The committee also voted to freeze tuition for two years. The moves were prompted in part because an audit revealed the UW System was sitting on $650 million in reserves in June 2012. Republicans were outraged, and Democratic lawmakers, typically among the UW System's staunchest supporters, said there was no justification for such a large surplus. UW officials defended the surplus as a safety net in case of volatile economic circumstances. They also said the money wasn't just gathering dust in a bank, but mostly earmarked for certain mandatory expenses. http://www.startribune.com/nation/210454791.html