Colorado State University will use its reserves and state and federal aid money to fill its budget shortfall, holding tuition rates steady while also requiring cuts to each campus.

“This package leans heavily on those federal stimulus funds, pairing them aggressively with system reserves and proceeds from board-initiated refinancing,” System Chancellor Tony Frank said. “These sources of funds allow us to substantively spare the campuses where the real work of teaching, discovery and engagement occurs.”

The board of governors approved CSU’s budget on Friday, using in part money from the $2.2 trillion CARES Act that Congress passed in March. The university reported that it would have had to patch a $164 million deficit through cuts if not for the available funding.

However, the federal dollars are not unrestricted, and the Fort Collins campus will still have to reduce expenses by $17 million. The Pueblo campus will have to make up for a $21 million gap. CSU indicated that leaving open jobs unfilled and promoting “voluntary early separation incentives” were among its remedies.

“We’re the region’s largest employer, so keeping Colorado State University healthy is crucial for Northern Colorado’s economic recovery, and this budget is a great collaborative effort that truly supports our students and employees,” said CSU President Joyce McConnell.

CSU also plans to create an $80 million fund for continued coronavirus response.