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LOUISVILLE, Ky. (WDRB) -- The University of Kentucky said it may have to make some financial cuts.

The university said Kentucky Gov. Andy Beshear asked all state agencies and universities to prepare for an 8% budget cut for fiscal year 2021.

"The context for this request is an estimated state budget shortfall this fiscal year of between about $240 million and $500 million, with the prospect for another round of federal relief funds uncertain at this time," UK President Eli Capilouto wrote in a message to the campus community.

He said an 8% cut could mean a $21 million reduction.

"There is no way to sugarcoat the negative impact a reduction of that size would have on our institution," he added. "It would be substantial."

But he said any reductions made would not include money invested in diversity efforts, resources for graduate students or the commitment to raise UK wages.

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