Sunday, January 18, 2015

Collapsing oil prices sinking UNM budget - Charles D. Brunt, ABQ Journal

After welcoming a pair of new members Friday, the University of New Mexico Board of Regents heard how the school is facing stiff competition for both dwindling state dollars and a shrinking pool of college students. “When I stood before you in December I said I was bringing bad news and, unfortunately, the news I bring you here in January is not much better,” UNM President Bob Frank told regents. Reiterating points he made at the regents’ Dec. 12 meeting, Frank said the ongoing plummet of crude oil prices from $92 per barrel in August to $49 a barrel this month is playing havoc with university funding. Oil revenues make up a sizable portion of the state’s income and, in turn, in the money the state Legislature makes available to UNM.

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