“This afternoon, Gov. Arnold Schwarzenegger signed the state budget adopted by the Legislature for the rest of 2008-09 and the 2009-10 fiscal year, closing our state’s $42 billion deficit. The plan incorporates a framework of revenue increases, spending reductions and other actions. While the budget plan includes $115 million in new permanent funding cuts for the University of California system, UC will be impacted by a total $450 million shortfall consisting of the $115 million in new cuts, $122 million in underfunded enrollments and $213 million in unfunded mandatory costs over the two-year period for utilities, employee health benefits and other inflationary costs.
The University does not yet have information on how the budget will affect student fee levels for fall 2009. The Regents will take up that subject at a meeting this spring; the timing has yet to be determined.”
Also, jarring that “human capital” was the first thing I read on the page.