University of Kentucky reduces number of expected furloughs, finds money to save jobs

The University of Kentucky’s next budget will have no reductions in force and fewer employees than expected have been furloughed, the university’s president announced Friday.

UK President Eli Capilouto said in the press release that he is directing portions of the university’s contingency fund, a pool of money generated largely when the university recently cut back on employee retirement funds, to help “augment the budget this coming year.” The move will save about 100 jobs, the university said.

University officials still predict a more than $70 million shortfall in the more than $800 million academic budget that begins in July, and the university announced that 100 more employees on the academic side were furloughed on Friday.

Separate from the academic side of the university, UK HealthCare expects a $131 million shortfall in the hospital’s $558.7 million spending plan for the current fiscal year and next, hospital officials said early this month.

Read more: https://www.kentucky.com/news/local/education/article242936316.html