LEXINGTON, Ky. — The University of Kentucky has announced plans to lay off and furlough some employees in response to a projected $70 million budget shortfall in the coming year. The shortfall is caused by the ongoing coronavirus crisis.
UK President Eli Capilouto says most of the university’s revenues are expected to decline, many significantly.
“Many of these decisions will cause pain. They will require shared sacrifice,” Capilouto said in an email to the campus.“But they are necessary, if we are to meet our financial obligations, honor our principles of education, research, service and health care and lay a foundation for the future.”
The cutbacks also include reducing retirement contributions to employees and not providing merit pay raises.
“The fact that so many institutions across the country are making many of the same decisions makes them no less painful. We will be challenged and tried in ways most of us have never experienced,” Capilouto said.
The university didn’t say how many employees would be furloughed or laid off.