Facing 'financial disaster' from COVID-19, UW System pushes for borrowing ability

The University of Wisconsin System estimates COVID-19 has cost campuses a net $318 million loss from last March through the end of 2020.

Never has a financial landscape like the one currently facing the System made a better case for giving campuses the authority to borrow, officials told the UW Board of Regents at a Thursday meeting, just days before the 2021-23 state budget process begins when Gov. Tony Evers unveils his proposal Feb. 16.

The System is unique in lacking borrowing ability, a constraint that is particularly challenging because of the short-term cash-flow problems the pandemic created.

UW-Madison sustained more than half of the System’s net losses, $176.5 million, since the pandemic hit last spring.

Read more: https://madison.com/wsj/news/local/education/university/facing-financial-disaster-from-covid-19-uw-system-pushes-for-borrowing-ability/article_aaa1b472-9a12-5014-85db-a19de0d1c095.html