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UNM prepping for up to $53 million budget cut from the state

State funding for the University of New Mexico could soon plummet some $53 million or 15%, according to UNM’s top finance administrator, raising questions about cuts and reductions across the University in the coming months.

Teresa Costantinidis, UNM’s vice president for finance and administration, told the Board of Regents on Tuesday that UNM is prepping budget scenarios for the likely loss of a significant chunk of state funding due to a historic crash in oil prices and a reeling COVID-19 economy.

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