The University of Alaska Board of Regents unanimously approved its Fiscal Year 2018 University operating budget of 317-million dollars in unrestricted general funds at an emergency meeting that was held Tuesday.
Last week, the Legislature passed a state operating budget, funding the university at $317 million dollars in unrestricted general funds.
This is an $8 million dollar cut from the FY '17 state appropriation, and results in an $11 million dollar budget gap after factoring in fixed cost increases.
The board also agreed to give system President Jim Johnsen authority to allocate reductions, if any, once the FY '18 budget has been determined; that authority is effective today, June 27th.
The board will have to reconvene once again when the legislature approves a capital budget.
President Johnsen says that could take a few days or a few months.
"The one question mark at this point is on the capital side so unfortunately we will need to come back at some point in the future to address the capital budget, in light of the fact that the capital budget was not approved by the legislature. I did spend a little bit more time there in Juneau meeting the players and learned that there will be a capital budget but they weren't sure when. It could be relatively soon if they come back together again within the current call to address the capital budget or it maybe a couple of months."