The University of Arizona revealed it miscalculated its university budget by $240 million dollars during a faculty senate meeting on Tuesday. A report from the Arizona Daily Star’s Ellie Wolfe quoted university president Robert Robbins as saying the situation would require “draconian cuts” across the university.
The university projected to have 156 days’ worth of cash on hand for the fiscal year, but a new model said the reality was about 97.
Robbins said the university would institute a 2% budget cut at a meeting with the Arizona Board of Regents earlier in the week, but athletics did not escape the microscope of the financial crisis. Robbins said the school athletic department was draining financial resources. The university president pointed out Arizona has 23 sports teams and that the average in the Big 12, the conference the Wildcats join next year, is just 17, indicating some programs could be shut down.
“Everything is on the table in terms of dealing with athletics,” he said. “This is an issue that is going to require a lot of tough decisions.”
A professor on hand for the meeting proposed selling the school athletic department to a third party. Robbins also showed interest in the idea of leasing land, something in-state rival Arizona State does.