LOUISVILLE, Ky. (WDRB) -- The University of Louisville will have to operate on $48 million less for the upcoming school year.

After more than two hours in executive session, the school's Board of Trustees is finally looking at a balanced budget.

A slight change was made since last month when more accurate data came in. Two-hundred fewer students will enroll next fall than initially thought, dropping tuition revenue by $7.5 million.

"We're not happy we have a $48 million gap to close," said Interim President Dr. Greg Postel. "But at least the number didn't grow."

The board will continue to meet each month to monitor the budget and make any adjustments. But board chairman David Grissom believes more tough decisions are coming.

"I don't want to go into much detail, but I will predict this will not be the last cut," he said Thursday. "I think you'll see a cut of similar size that will have to be taken in the next year or so."

Even with a tighter budget, the board approved a tuition freeze. Before voting board member John Schnatter questioned why anyone from southern Indiana have to pay out-of-state rates.

"The reason I didn't go to U of L is because I lived in Indiana," Schnatter said. "I wanted to go to U of L, I just couldn't afford out-of-state tuition. I just wonder if we're not sending a bad signal and running people off that are out of state."

While it's too late for a change this year, members agreed to potentially discuss that for the following year.

Another looming deadline is University Hospital's break from KentuckyOne Health. The board has until June 30 to finalize a new lease agreement and academic affiliation agreement, switching everything from KentuckyOne to UMC.

"I would prefer that this board had an opportunity to read it and make an intelligent vote," Grissom said.

The board will have a special meeting before June 30 to finalize those agreements.

Also during its executive session, the board approved spending another $200,000 for more information from the firm performing the U of L Foundation audit. The board will review the findings for two to three more weeks before making any decision on how to move forward or what action to take. Grissom said he expects the board to make some kind of vote on the audit in July.

Below is a copy of the full budget:

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