UA Pres. Johnsen now going into budget presentation: "It assumes rationality and the news that we just heard put that assumption, upon which we built this presentation, into serious question. ... Everything is out the window." #akleg #akgov

Johnsen: "This is much more than a substantial reduction." #akleg

Johnsen: "This is twice the most extreme cut we expected." #akleg

They had planned for $60M as worst-case scenario.

Johnsen says the immediate impact will be hiring freeze, travel freeze, contract freeze and furlough notices to all employees. They'll attempt for a veto override and if not, the University of Alaska will make a "Declaration of Financial Exigency" aka bankrupt university. #akleg

It would essentially allow the university to cut programs, tenured faculty and a whole bunch of other bad stuff. #akleg

Johnsen notes that the university has to give 60 days notice of furloughs and layoffs. "It will not save us money next week or next month, but it will begin saving money two months from now. ... Systemwide." #akleg

One of the regents points out that Dunleavy wants to somehow focus all of the $130 million cuts on UAF and UAA. Johnsen says it's not realistic. UAS and satellite campuses don't actually bear all their costs. "It's going to be a complex process." #akleg

Regent Buretta: I don't want to create a situation where our best and brightest are leaving when there's a high possibility of overriding it in the next few weeks.
Johnsen: I appreciate your optimism. #akleg

Regent Hargraves, the guy put on there by Dunleavy, is currently spinning the disastrous veto as actually good news somehow. He's reading off his laptop right now. WTF. #akleg

"Now those fun times have passed. I extend my complete sympathy to every legislator and administrator in Juneau," he says. "Another positive is the University has a strong, capable administration to get us through the situation." Says the cuts "may prove to be a positive." #akleg

Regent Perdue: "If we have to live with this kind of cut we will absolutely impact students."
Regent Davies: "It will be completely disruptive. ... We can't understate the impact it will have on students."
Regent Hargraves: "Don't blame Dunleavy." #akleg

Regent Hargraves says they should appreciate Dunleavy, who put him on the board. That should be embarrassing. #akleg

And that's it for the Board of Regents right now. They approved the emergency orders to freeze a bunch of stuff. Stopped short of making a proactive and conditional Declaration of Financial Exigency. #akleg