MADISON, WI (WTAQ) - The 26 University of Wisconsin campuses had almost $1 billion in reserves by the end of June.
Senior vice president David Miller told the Board of Regents in Madison Friday that the schools' reserves total almost $949 million as of two months ago. About $551 million of that was surplus tuition.
University officials have promised to be more open about its budgetary matters, ever since legislators were shocked to learn about the large surpluses in April.
Lawmakers were upset to hear that the campus held onto so much money, while raising tuition by 5.5 percent year after year.
The Regents expect to adopt a new reporting policy next month which includes a threshold for reporting cash balances on each individual campus and the UW System offices.
University officials say they need strike a balance between austerity, and making sure there's enough money to maintain minimal fiscal health.