Alaska's Board of Regents voted to declare financial exigency after huge state funding cuts, but even more difficult choices loom as the board will soon have to decide how to move forward. Facing a massive and unprecedented 41 percent cut in state funding, the University of Alaska’s Board of Regents voted 10 to 1 to declare financial exigency, a move that will precede layoffs and program elimination. The vote comes as a financial crisis looms over the state’s public higher education system -- the cut represents a loss of $135 million in funding. Moody’s Investor Service has already downgraded the credit rating of the system to BAA1 as a result of the cuts, citing a “high likelihood of a material reduction in the university's liquidity over the next year.” After the downgrade, the Board of Regents moved its meeting earlier, to Monday.
https://www.insidehighered.com/news/2019/07/23/alaska-president-offers-new-plans-following-vote-financial-exigency?mc_cid=b4be181ccc&mc_eid=879d6835e3
