November 18, 2009, 11:19 am
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Today, the University of California Board of Regents meets to consider a 32 percent fee hike as well as fee increases for 44 graduate programs. The office of the student regent Jesse Cheng is live blogging the meeting, which is taking place at the university’s Los Angeles campus:
10:35AM – Dang, this budget is hurting really hard. Campus foundations (fundraising) assets have dropped by 647m, retirement system has dropped by 11b. This kind of hurt reflects the horrible financial state the budget cuts have left the university. The retirement system drop has a direct connection to the state. The accrued liability for the retirement benefits trust has grown to 13billion from 1billion three years ago. DANg.
Eight people were arrested outside the meeting this morning.
The university faces $535 million budget shortfall mostly due to curtailed state funding. The president of the university, Mark Yudof, plans to ask the regents to approve a request to seek $913 million more for next year’s budget.
Meanwhile, at both the Los Angeles and Berkeley campuses, students, faculty members and union workers are set to have a three day protest that includes a labor strike and protest. The Daily Clog has a detailed agenda of events taking place at Berkeley’s campus.
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