UW reserves stood at $948 m in June

UW reserves stood at $948 million at end of June
UW reserves stood at $948 m in June

University of Wisconsin System financial officials say the system’s reserves approached a billion dollars at the end of June.

David Miller, senior vice president of system administration and fiscal affairs, told the Board of Regents’ business and finance committee and the system’s audit committee during a joint meeting Friday that the system’s campuses’ total reserves stood at about $949 million. About $551.5 million of that was surplus tuition.

Republicans who control the Legislature have heaped criticism on the regents and system officials since word broke this past spring that the system had built massive reserves while raising tuition 5.5 percent annually over the last six years. The state budget Republican Gov. Scott Walker signed in June froze tuition for the next two years.