Friday, December 12, 2014

School, university officials brace for changes - Lainie Steelan, McDonough Voice

Public universities are not immune to the impact of lost revenue when the income tax hike sunsets on Dec. 31. According to an Associated Press story, the head of the Illinois Board of Higher Education issued a budget warning to the presidents of the state's public universities after meeting with Rauner's budget transition team. Executive Director James Applegate, according to an email obtained by the Springfield bureau of Lee Enterprises newspapers, said universities should prepare for possible funding cuts of up to 30 percent over the next 18 months, and create fiscal year 2016 budget recommendation with a 20-percent reduction in state funding. Universities may also be asked to create spending reserves of 5 to 10 percent of the current fiscal year 2015 budget.

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