UI Makes Do with Slow State Payments
The state of Illinois' backlog of payments is starting to worry University of Illinois leaders.
Interim president designate Stan Ikenberry says the U of I is still waiting on more than $388 million in state funding that would normally be in their hands by now. But Ikenberry says the university has essentially been unpaid since the start of the fiscal year in July.
Southern Illinois University has warned that continued cash shortages could result in missed payrolls. But Ikenberry says the U of I has not faced that problem yet because of revenue from outside enterprises and research grants.
"The longer it goes on, the tougher the challenge," Ikenberry said. "In all fairness, the University of Illinois is probably in the strongest position of any university in the state, but even for us it's certainly an increasing challenge."
Ikenberry says the state needs to work sooner rather than later on a plan to resolve the budget situation through a combination of revenue increases and belt-tightening.