URBANA, Ill. (AP) — The University of Illinois System expects to sustain a financial hit of about $167 million this fiscal year because of the coronavirus pandemic that's closed down its campuses, a school official said.
Chief Financial Officer Avijit Ghosh told the school's board of trustees during a Thursday virtual meeting that nearly $50 million of that projected financial impact comes from adjustments to student fees for housing, dining and other activities, The News-Gazette reported.
He said travel expenses are currently on hold and will continue to be so “even after restrictions are lifted."
Ghosh said units of the university have also been instructed “to control spending on supplies and services and non-essential construction and capital investments." In addition, only critical and essential university positions are being filled in an effort to control personnel costs. He said those restrictions are expected to continue.
“We have put in place a variety of cost-control measures to mitigate these adverse financial impacts,” Ghosh said.
The university system received $63 million from the federal CARES Act, of which 50 percent goes directly to students for coronavirus-related financial aid.
“Federal stimulus funding will provide some relief to the universities, but it will be inadequate to cover the costs I mentioned,” Ghosh said.
President Tim Killeen reiterated during Thursday's meeting that he hopes and expects campuses to re-open in the fall. He said detailed plans for that reopening will be released in June.
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