Southeast Missouri State University faces "critical financial challenges" as a result of Gov. Eric Greitens' decision to withhold $3.43 million in core state aid for the school, university president Carlos Vargas-Aburto said Tuesday.

The new governor announced Monday he would withhold $55.9 million in state funding for four-year universities, which amounts to more than half of all funding cuts announced for higher education.

Greitens announced cuts Monday totaling $82 million for higher education as a whole, which includes community colleges and specific programs and projects on college campuses.

Besides the core funding, Southeast also will see a cut of more than $100,000 to the school's academic program in cybersecurity, according to information released by the governor's office.

Vargas addressed the budget situation in an online letter to Southeast faculty and staff.

"Despite withholdings made by former governor Jay Nixon last summer and fall, the stagnant revenue growth necessitated additional withholdings," he wrote.

"Those of you who have been at Southeast over the past decade know that we have dealt with tough budget challenges in the past," he told staff in the letter.

Vargas wrote the university's budget review committee immediately will begin reviewing the withholdings and the outlooks for state funding in the coming fiscal year as well as "possible revenue enhancements and expense reductions" to balance the school's budget.

The university president also said Southeast will look at ways to create "cost-saving efficiencies within our operations."

Vargas said "difficult decisions" will have to be made about the university's budget over the next several months.

"We will need to work together to find solutions and compromises to minimize the effect budget cuts may have on our mission of serving students and our region," Vargas wrote.

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