NORMAN, Okla. – The University of Oklahoma’s chief financial officer says in a report to the OU Board of Regents that the college’s financial condition remains “very troubling,” despite recovery efforts taken in the last seven months.
The Oklahoman reports that OU President Jim Gallogly asked CFO Ken Rowe to provide a status report at the Regents’ meeting last week.
Gallogly has slashed expenses and reduced staff to address years of overspending since becoming OU president last July. He says the university’s debt load exceeds $1 billion and that it was on track to lose another $15 million this fiscal year without changes.
Gallogly notes that the steps taken have resulted in $32 million in savings. Additional layoffs are expected this year, but officials haven’t indicated how many people will be affected.