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CSU Paychecks to Continue

System Leaders Discussing Budget Options

June 26, 2009

From the CSU Chancellor's Office

State May Have to Issue IOU’s
CSU Employees Will Receive Paychecks

State Controller John Chiang has announced that he will have to issue registered warrants or “IOUs” as early as July 2 if the legislature and governor cannot find a solution to close the $24.3 billion state budget gap. CSU employees, however, will be paid as they normally are and will not receive IOUs. Chiang said the state will have a $2.8 billion cash shortage at the start of the fiscal year July 1, which could grow to $6.5 billion in September in the absence of a balanced budget. More information:

System Leaders Meet to Discuss Budget Options

CSU Chancellor Charles B. Reed and the 23 campus presidents met this week to discuss options to manage a proposed $584 million budget deficit. While no details were finalized, discussions will continue with the Board of Trustees at a special meeting July 7. The trustees will then use their regularly scheduled July 21 meeting to adopt an action plan that will be implemented systemwide and at the campuses.

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