Iowa’s Board of Regents cuts $65.4M of university budgets

Iowa News

(KCAU) – Iowa’s Board of Regents is painting a difficult financial picture for the state’s three public universities.

During a virtual meeting held today, just like high paid athletic coaches, university presidents also will be taking a pay cut this year, 50% percent alone for University of Iowa President Bruce Harreld.

With no clear indication when COVID-19 will no longer present a threat, more financial uncertainty looms ahead for state schools.

Iowa, Iowa State, and Northern Iowa will take a combined $65.4 million budget cut in the 2020-21 school year.

A coronavirus related drop in enrollment is mostly to blame.

The schools will share, but not equally, in a $1.5 billion general operating budget.

Thanks to fewer students attending classes and a tuition freeze, the trio of state schools are predicted to bring $53 million less in tuition this year.

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