April 22, 2015 03:25 PM

Photo Illustration/Wikimedia
LSU President F. King Alexander announced Wednesday that staff is drawing up paperwork for financial exigency, a move that paves the way for Louisiana’s flagship university to begin the loathsome task of laying off tenured professors, shuttering academic programs and making other painful cost-cutting moves.

According to nola.com, King made the announcement after it has become apparent this week that state lawmakers are having little luck in finding solutions to Louisiana’s $1.6 billion budget shortfall.

As LSU journalism professor, blogger and Times-Picayune columnist Robert Mann writes on his blog, Something Like the Truth:

LSU President F. King Alexander’s stunning announcement Wednesday that he’s drawing up official bankruptcy papers for the school is just one step short of naming the colleges and departments that he will close if the Legislature does not raise the funds to close the $1.6 billion budget shortfall for the coming fiscal year.

Unless Gov. Bobby Jindal and legislators come up with a budget solution very soon, you can cancel just about every ongoing faculty search at LSU and watch as the exodus of faculty accelerates.

Students, especially incoming freshmen who have offers from out-of-state colleges, will start bailing out, too, as it increasingly appears there could be no fall semester at the state’s flagship university.

King’s stunning announcement comes as Moody’s Investors Service announced it has lowered LSU’s credit outlook from positive to stable.

Read more here.