USF will dip into cash reserves

Citing budget cutbacks that seriously affect the morale of faculty, staff and students, the University of South Florida will begin dipping into its cash reserves to leverage raises and cost of living increases for its faculty and staff.

USF provost Ralph Wilcox announced the decision today at a fall faculty assembly, saying that the move is the best approach to managing the “unprecedented magnitude of budget cuts” handed down to the State University System from Tallahassee.

“We do have limited cash reserves that have, over time, been set aside in part for rainy days,” Wilcox said. “It doesn’t take a provost to tell you that today, it’s raining.”

Read more in Saturday's St. Petersburg Times.

- Donna Winchester, Times higher education reporter