“We will not have a university after February if we don’t make a move," Regents vote for UA exigency

ANCHORAGE, (KTUU) - The University of Alaska Board of Regents voted 10-1 to declare financial exigency.

“We will not have a university after February if we don’t make a move,”
said Regent Gloria O’Neill in a UA press release.

Financial exigency will allow the university to make cost-cutting decisions more quickly than standard operations allow.

UA President Jim Johnsen said in a press release that the decision was needed, though difficult.

“Given the poor hand we’ve been dealt, financial exigency is the only tool for us," he said, "It will allow us to prepare a plan for continuing our mission. None of us wants to be here today, and as I look at the faces of our students, faculty and staff - their anxiety and their loss - I wonder, how can our university, something so great, that has been built up by so many for so long, be crippled by so few so quickly.”

The board continues to look at ways to restructure the university system to fit the appropriation state funding allows. According to a UA press release, the board consider both consolidating the university into a single accreditation, or creating a "lead campus model."

This is a developing story, check back in for details.

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