TUCSON, Ariz. (AP) — As the University of Arizona continues to search for a new president, embattled outgoing president Robbins has announced “encouraging news” about the college’s ongoing financial crisis.

The Tucson-based university is trying to dig out of a $177 million budget shortfall that stems from a miscalculation of cash reserves late last year.

In a statement Friday, Robbins said the school is projecting that the fiscal year 2025 budget deficit “will be reduced from $162 million down to $52 million.”

Robbins added that the largest portion of the budget savings will come from reductions in administrative expenses.

“As a result of our budget decisions, the university will be in a position to allocate sufficient funds to ensure no college starts FY 2025 in a budget deficit,” Robbins’ statement said.

Robbins announced on April 2 that he will resign as the university’s president when his contract ends on June 30, 2026. He plans to step down sooner if a successor is hired before that date.