In a memo sent to college faculty, staff and students, the University of Kentucky's administration said they will need to develop a new strategic plan under Governor Steve Beshear's two-year budget proposal for the state.
Beshear's budget would give the go-ahead to UK's latest $465 million construction project, but would also call for a $7.1 million operating cut, according to the memo.
The administration said that would drop them to $277 million in annual funding, their lowest level since the 1999-2000 fiscal year.
They reported that a new six-year strategic plan and financial model are in the works for the university, which will highlight the college's goals and how to fund them.
The memo also noted that UK will align its resources to make the budget process more collaborative and clear, while "creating more ownership, partnership, and creativity."