IU to continue operating despite unset state budget

Where’s the money?

That’s probably a question IU is asking Gov. Mitch Daniels. But despite the unset state budget, IU will continue to operate under its existing budgets after Tuesday – that’s if the budget still has yet to be passed at that time.

In a special meeting Friday, the IU board of trustees finance and audit committee approved the resolution to keep IU campuses open.

The decision allows IU to continue operations under its current budget. This allows IU’s 17,000 employees to continue to receive paychecks on time.

Neil Theobald, vice president and chief financial officer, said in an IU press release that the University has about $200 million to $300 million in cash reserves that could be used for continuing operations in July and August.

IU received about $600 million in state support last year – only about 23 percent of its $2.7 billion operating budget.

IU will have to delay mailing tuition bills for the fall semester.