WATCH: Students, professors react to possibility of financial exigency at UA

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ANCHORAGE (KTUU) - President of the University of Alaska Jim Johnsen and Gov. Mike Dunleavy will reportedly meet sometime on Wednesday to continue discussing options for reducing operating costs at the institution in the wake of significant cuts to state funded portions of UA's budget.

Budget protests taking place on campus at UAA on July 9th

On Monday, Johnsen met with the UA Board of Regents to share details of the university's budget issues, including mounting debt that will grow as long as the school continues to operate at its current capacity under the cuts. The board elected to wait 15 days -- till July 30th -- to make a formal vote. In the meantime, students and faculty members alike are concerned about their futures.

Under a declaration of financial exigency, the university could begin making cuts to staff immediately, bypassing formal procedures, regardless of tenure.

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