At Thursday’s Board of Trustees meeting, UF President Bernie Machen announced he would reallocate funds to make up for the $4 million shortfall in the budget.
The Board of Trustees balanced the budget with a 15 percent tuition increase. But Machen announced in June that he would be seeking a 9 percent increase from the Board of Governors, leaving about a $5 million shortfall of funds.
Machen announced that with the reduced increase, about $1 million will come from financial aid reductions.
He said he intends to reallocate strategic funds for one year.
“We are not ready to ask for additional cuts at this time,” Machen said.
Machen said new revenues and additional cuts will be used to balance the budget the following year.
Trustee Alan Levine applauded Machen and the board for the budget. He said it was a responsible budget and was made out of sensitivity for students.
The Board also approved the formation of a strategic initiatives committee.
Chairman David Brown said the committee will focus on external issues affecting UF and higher education.
