Oklahoma regents OK $20 million budget-cut plan

NORMAN, Okla. (AP) – The University of Oklahoma Board of Regents has approved a $20 million budget-reduction plan that includes early retirement buyouts for eligible faculty and staff.

The regents approved the plan Thursday from OU President David Boren.

Boren says the cuts are needed as the state faces an approximate $1 billion budget shortfall for the next fiscal year. Under the plan approved Thursday, about $10 million will be saved through the early retirement incentive for about 400 eligible faculty and staff members.

Boren says another $10 million will be saved by eliminating vacant positions and making cuts to department budgets, including decreases in purchasing and travel.