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See the latest news and updates about COVID-19 and its impact on the Charlotte region, the Carolinas and beyond.

Pandemic Could Create $300 Million Budget Hole For UNC

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CHAPEL HILL  — Officials at the University of North Carolina says the school may need to implement furloughs to manage a deficit that could reach $300 million due to the coronavirus pandemic.

In a faculty council meeting Friday, interim vice chancellor for finance Nate Knuffman said the potential $300 million deficit for the fiscal year would amount to about 8% of all university revenues.

He said the university has already sought to reduce expenses and delay capital projects, and officials said some auxiliary units in the university like athletics have already implemented furloughs.

But more could be required as the budget crunch continues.

Watch the full meeting below:

https://www.youtube.com/watch?v=O0ufNHC_lik&feature=youtu.be