- Associated Press - Thursday, October 20, 2016

JACKSON, Miss. (AP) - The Latest on questions over finances at Jackson State University (all times local):

3 p.m.

Jackson State University officials say they aim to add $10 million to the school’s cash reserves by next June.

University spokeswoman Olivia Goodheart said Thursday that JSU isn’t filling vacant jobs, is limiting travel and other purchases, and is installing energy efficient lights to cut power bills. She says the university is also setting aside revenue that’s above projections.

The announcement comes after the College Board intervened in university finances, saying spending was exceeding revenue, leading JSU to spend down its cash reserves. As of June 30, JSU had $4 million in cash on hand, down from $37 million in 2012.

Goodheart says the issue won’t affect daily university operations, including payroll and scholarships.

Higher Education Commissioner Glenn Boyce says JSU must consult his staff and an accounting firm hired by trustees before making spending decisions.

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9:45 a.m.

The College Board staff says Jackson State University is spending down its bank account, making it harder for the university to pay debt, and trustees of Mississippi’s public universities are hiring an accounting firm to oversee the school.

The presentation at Thursday’s board meeting came after the board and JSU denied rumors that President Carolyn Meyers was leaving. The report is an unusual public rebuke to Meyers’ leadership by trustees. A spokeswoman to JSU didn’t immediately respond to requests for comment.

John Pearce, the board’s chief financial officer, says JSU has gone from a $17 million operating cash surplus in 2012 to an $8 million deficit in the 2016 year ended June 30.

Trustees tabled a plan for JSU to develop a financing plan for new dorms, citing the problems.

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