System fund runs short

Thursday, Oct. 10, 2002 | 9:31 a.m.

A University and Community College System fund used to keep institutions running smoothly dipped to a $19.5 million deficit, prompting regents Wednesday to cut funding.

The investment fund of $193 million lost $1.8 million, mostly from stock market fluctuations. The deficit was widened because the system paid out another $18.2 million from the fund for energy costs and other items not funded by the state.

Regents agreed that if the fund reached a loss of $20 million, they would have to cut funding to the eight institutions that receive it.

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