UC Regents vote to endorse Brown’s November tax initiative

http://www.dailycal.org/2012/07/18/uc-regents-vote-to-endorse-governors-november-tax-initiative/

The UC Board of Regents voted Wednesday to officially endorse Proposition 30, Gov. Jerry Brown’s tax initiative, and in doing so affirmed the tuition freeze afforded by the $125.4 million tuition buyout included in the recently passed state budget.

If passed, the initiative would provide the UC with $125 million to prevent the need for a 20.3 percent tuition increase in the middle of next year. If the initiative does not pass, the university will lose that money as well as the tuition buyout, and it will face an overall budget shortfall of $375.4 million, according to the meeting agenda item.

The board voted unanimously to support the initiative, but not before several regents expressed concerns that if voters do not approve it, the university would almost surely face tuition increases, currently approximated to be 20.3 percent of the present tuition amount.