BOULDER – The University of Colorado says it is moving a majority of funds managed by the university’s student government over to the vice chancellor for student affairs.

The Daily Camera reports Chancellor Phil DiStefano said Wednesday the university wants to take the burden of managing the funds off of the student government.

Student Government President of Internal Affairs Troy Fossett says the student government has been managing nearly $23 million in funds per year, but that will now be cut to slightly less than $2 million, and the student government will lose most of its control over facilities and other items it currently oversees in conjunction with university brass.

The student government contends DiStefano’s decision violates university policy because it fails “to seek student input on a decision that fundamentally alters the lives of students attending CU Boulder.”