The University of Arizona is operating in a $177 million deficit and faces layoffs and across-the-board budget cuts of 5% to possibly 15%, according to a new report released by interim Chief Financial Officer John Arnold. Sixty-one of the 81 units within the university — that’s 75% of them — overspent in fiscal year 2024, according to Arnold. Just 20 units reported spending within their budgets this year. “It’s fixable and we’ve caught it in time to give us the time to fix it,” Arnold said in an interview Monday with the Arizona Daily Star.
