(COLORADO SPRINGS) — The University of Colorado Colorado Springs (UCCS) is working to address a potential $4 million budget shortfall for the upcoming fiscal year, in what Assistant Vice Chancellor of Marketing and Communications, Chris Valentine, said was identified early “allowing us plenty of time to plan.”

In Valentine’s statement released to FOX21 News on Wednesday, April 17, he explained that there was not an immediate budget issue at UCCS and this is part of the university’s annual budget process where expenses and revenues for the following year are projected.

“As we look to our next fiscal year, it is our responsibility to provide a balanced budget each year. Our projections show that our expenses will exceed our revenues by approximately $4 million next fiscal year,” Valentine said. “We are working now to address those shortfalls.”

Valentine continued the statement and said UCCS was waiting on action from Governor Jared Polis on the state’s long budget bill, which is expected to be signed in May.

“The current version of the long bill includes additional funding over [the] initial budget for higher education statewide,” Valentine explained. “We are thankful to our state legislators for advocating and supporting higher education.”

During a board meeting on Friday, April 12 the University of Colorado Board of Regents “approved tuition increases of 3% for resident students and 4% for nonresident students,” said Valentine. “These areas are a few examples of things that will help to reduce that budget gap as we work to create a balanced budget.”

According to Valentine, in June, Regents will approve the UCCS annual budget during their scheduled meeting.