Illinois budget impasse increasingly hurts universities: Moody's

Illinois budget impasse increasingly hurts universities: Moody'sIllinois’ record-breaking budget impasse, which has led to sporadic funding for higher education, is increasingly pressuring the finances and competitiveness of state universities, Moody’s Investors Service said on Thursday. The credit rating agency said the lack of complete state funding has forced schools to take “considerable steps,” including cutting academic programs and raising tuition, in order to keep operating and preserve financial liquidity. “Material programing reductions and staffing cuts, while necessary to keep the state’s public universities operational in the short-term, will further impair the universities’ abilities to sustain their strategic competitiveness and attract students for the upcoming fall 2017 class,” Moody’s said in a report.

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