Hartford, Conn. ( WTIC Radio) - Richard Balducci, the Finance Chair of the Board of Regents warned members that the state is facing a large shortfall in 2023 because of the influx of one-time federal funding that will not be available in 2023.
The figures are included in the revised spending plan for Universities and Community Colleges that he presented to the board today.
Connecticut experienced a drop of 40-million dollars in tuition and fees, largely due to the pandemic, Balducci said.
The state received about 100-million dollars for higher education in federal cares money.
With that unavailable in 2023, Balducci said the state is staring at a potential shortfall of $50-million.
"They won't be there so other adjustments will have to be made," Balducci said.
