Friday, July 31, 2020

Regents consider approval of fiscal 2021 budget amid financial loss due to COVID-19, decreased state funding - Katie Ann McCarver, Daily Iowan

The state Board of Regents will consider approval of a major hit to its fiscal 2021 budget at its July 29 meeting, which includes significant decreases in institutional budgets and finances stemming from the COVID-19 pandemic, as well as reallocation of decreased state appropriations. According to regent documents, the general university operating budgets for fiscal 2021 are $65.4 million less than those of fiscal 2020. Iowa’s three public universities — the University of Iowa, Iowa State University, and the University of Northern Iowa — will see a decline in revenue due to a June decision by the regents to freeze tuition rates because of COVID-19 and the Iowa Legislature’s decision to cut state appropriations by $8 million.