The countdown is on for the University of Arizona to get its act together and tackle a massive $240 million budget shortfall. Governor Katie Hobbs has handed the Arizona Board of Regents a two-week deadline - February 9, to be exact - to come up with a financial rescue plan. She's pushing for accountability and concrete measures, which include an independent review of the university's finances, according to a letter made public by 12 News.

As the deadline fast approaches, mixed signals are coming out of the university. President Robbins reportedly mentioned expected layoffs and higher ticket prices at a senate meeting, stirring up anxiety among staff and fans. However, a university senate member, Dr. Johann Refleski, told News 4 Tucson, "Nothing happened. We didn't hear any specific measures. Nothing. Zero." Such ambiguity leaves employees and students in the dark about their future at the university.

The situation is further complicated by potential conflicts of interest, as Hobbs pointed out the dual role of the board's executive director who also serves as UArizona's CFO. Additionally, the governor has questioned the wisdom behind UArizona's acquisition of Ashford University, a for-profit institution that faced litigation for allegedly deceiving students about enrollment costs.

With the university's deadline looming, the UArizona community is on edge, awaiting the fate of jobs and cost increases. "I believe that the executive of the senate will call for an emergency meeting next week... where we demand to see a draft of a plan," Dr. Refleski told News 4 Tucson. The scramble to put together a financial strategy reflects the broader issues of university accountability and the tough decisions that may soon follow.