The California State University system essentially has no way to avoid painful cuts, university trustees were told Tuesday. In a budget presentation that illustrated just how untenable the 23-campus system’s finances have become, administrators told trustees the university risks bankruptcy unless it cuts at least $130 million. “We have to come up with a way to take our spending down, or we’ll be joining our brothers in San Bernardino,” said Chancellor Charles Reed, alluding to the Southern California city’s recent decision to file for bankruptcy… Even the rosiest outlook — the tax measure passes and Cal State keeps tuition at the higher rate — would leave the university with a $177 million deficit this year, said Benjamin Quillian, the system’s chief financial officer. The worst-case scenario would be a $427 million hole, he said.

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by Matt Krupnick, San Jose Mercury News.

Posted: July 18th, 2012, by: admin. Categories: . Awaiting Comments.