Cash flow starts to trickle in

A light rain fell this week on Eastern’s quickly drying cash flow.

The university received $6.3 million in state-appropriated funds earlier this week, but there is still a long way to go. This brings the total sum received to $11.5 million, leaving a $39 million deficit.

“The state is significantly behind in giving us our appropriation,” said Bill Weber, vice president for business affairs.

Before this receipt, Eastern’s cash flow was estimated to last through March, resulting in a hiring freeze, maintenance deference and other emergency cost-cutting measures as well as lingering concerns about future furloughs.

The additional funds will keep the university afloat for another two or three weeks past that time.

“It certainly helps our cash flow situation for a while,” Weber said. “The $6.3 million comes close to making a full month’s payroll.”

Illinois is behind on payments to all organizations receiving state appropriations. Legislatures voted to allow Gov. Pat Quinn to borrow additional money Tuesday to help pay some of its bills.

“The state had successfully borrowed some additional funds,” Weber said. “I assume that is where this money is coming from, but we have not received any official communication.”

Sarah Ruholl can be reached at 581-7942 or seruholl2@eiu.edu.