New University of Wyoming Budget Centralizes Reserves

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LARAMIE, Wyo. (AP) — The University of Wyoming board of trustees has approved a $462 million operating budget for the 2018 fiscal year.

The Laramie Boomerang reports the budget approved by the board Wednesday ends a $42 million budget reduction process that began more than a year ago. Cuts included eliminating vacant positions and laying off 37 employees.

The new budget also centralized reserve funds spread throughout campus.

The centralized funds will be used for items such as an endowment fund for one-time bonuses and recruitment, a litigation reserve fund and a sinking fund account.

University President Laurie Nichols and other officials have concerns with the transparency of pooling the reserves. A board member suggested Nichols draft a policy that would dictate how the funds are pooled and present it to the board.