University of Oklahoma regents approve retirement offer to reduce impact of state budget cuts - Jane Glenn Cannon, News OK

University of Oklahoma President David Boren says he believes in getting ahead of a problem. With state government projecting a $1 billion deficit for next fiscal year, budget cuts to higher education are inevitable. "We could wait until June to address the problem, but we know it is coming. We could wait and then frantically try to decide how to address the shortfalls. But I believe in the old Boy Scout motto: Be prepared," Boren said. Thursday, he presented — and members of the OU Board of Regents approved — a special voluntary retirement incentive plan that is expected to yield $10 million in savings. In addition, the university hopes to experience another $10 million in cost savings by elimination of vacant faculty and staff seats and reduction of budgets in every department, mainly in purchasing and travel. http://newsok.com/article/5475300