LSU to Incur Mid-Year Budget Reduction of $8.1 Million
BATON ROUGE – Due to a reduction in the state’s revenue projections for the current fiscal year, LSU will incur a mid-year budget reduction of $8.1 million, it was announced on Friday.
The budget reduction is required because of a projected $251.3 million deficit in the state budget, of which $50 million will be incurred by institutions of higher education.
LSU was assigned a reduction of $7.8 million but must also assume an additional $340,000 of the cut assigned to the Pennington Biomedical Research Center. Plans for how institutions will meet its reduction must be presented by Dec. 29.
“We are disappointed, of course, by this mid-year budget cut but we understand the challenges faced by the state in these difficult times,” said LSU Chancellor Mike Martin. “We appreciate the efforts of the Governor and his staff to mitigate the impact on higher education and we will move quickly to formulate a plan to address this cut. Our goal continues to be to protect the core mission of the university, preserve jobs for our employees and continue to give our students a quality college experience.”