University of California faces bleak financial future

The AP reports bleak times for University of California:

The fiscal forecast for the University of California is bleak, and administrators said some tough decisions are ahead.

"This is really a critical time," UC President Robert Dynes said. "The erosion has been going on for decades."

UC administrators gave the long-term financial rundown to the system's governing Board of Regents at their meeting Wednesday, saying the need and demand for a UC education is going up at a time when state funding continues to decline.