I presented the University of Arizona’s financial action plan to the Arizona Board of Regents earlier this evening. I also shared with the regents that I had accepted Lisa Rulney’s resignation from her position as Senior Vice President for Business Affairs and Chief Financial Officer.

Earlier today, President Robbins presented the University’s financial action plan to the Arizona Board of Regents.

The recent announcement of the University of Arizona’s Days Cash on Hand shortfall understandably has caused considerable concern throughout our campus and local communities. The news and discussions surrounding the university’s financial situation also have unfortunately led to several inaccurate assumptions and misunderstandings. I regret the stress this has caused many in our community and hope the information that follows will help address some of the misconceptions and bring greater clarity to the university’s financial position.

I am pleased to share that a Search Advisory Committee has been formed and is beginning its work to identify and recommend exceptional candidates for consideration to serve as the University of Arizona’s next Senior Vice President for Academic Affairs and Provost.

We purposefully used reserves to fuel recent success. However, it has become clear that we have overinvested and that some colleges and units have overspent.

We will continue to focus on our core mission while correcting financial issues.