Post by Logan on Jan 20, 2016 3:19:35 GMT -6
State universities: Illinois budget stalemate causing damage 'beyond repair'
With no money from the state in nearly seven months and its financial reserves almost depleted, Chicago State University said Monday that it will be unable to pay its employees come March unless money begins flowing again from Springfield.
"This is a crisis by every definition of the word crisis," said Thomas Wogan, spokesman for the South Side public university that serves about 4,800 students.
About 30 percent of the university's funding — approximately $36 million a year — comes from the state. By March, the campus will not have enough money to meet its $5 million monthly payroll costs, Wogan said.
"We will have to find solutions to finish our semester without enough cash to operate," he said.
Continued at www.chicagotribune.com/news/ct-illinois-higher-education-funding-20160119-story.html .
With no money from the state in nearly seven months and its financial reserves almost depleted, Chicago State University said Monday that it will be unable to pay its employees come March unless money begins flowing again from Springfield.
"This is a crisis by every definition of the word crisis," said Thomas Wogan, spokesman for the South Side public university that serves about 4,800 students.
About 30 percent of the university's funding — approximately $36 million a year — comes from the state. By March, the campus will not have enough money to meet its $5 million monthly payroll costs, Wogan said.
"We will have to find solutions to finish our semester without enough cash to operate," he said.
Continued at www.chicagotribune.com/news/ct-illinois-higher-education-funding-20160119-story.html .