- Connecticut's Board of Regents for Higher Education faces a $5.5 million budget shortfall despite taking efforts to prevent such a deficit.
- Recent tuition hikes approved for the state's four universities and nine community colleges won't yield revenues until 2014 and 400 staff cuts to save $14.8 million weren't enough to prevent the shortfall.
- Though the committee plans on taking additional cost-saving measures, including a possible expansion of an existing hiring freeze, the Board of Regent's Finance Committee Chairman Gary Holloway says those measures have yet to be determined.
From the article:
... "The situation seems pretty dire," said Gary Holloway, the chairman of the finance panel.
The board has already made several rounds of cuts and members said they have no idea how they are going to close this shortfall.
"No decisions have been made yet," said Holloway after the meeting. ...