The University of Colorado could lose more than $1 billion in revenue if the system’s four campuses are required to continue remote learning through the 2020-2021 school year.

The Board of Regents heard updates about the state budget process and potential budget scenarios at a special virtual meeting on Wednesday.

Chief Financial Officer Todd Saliman presented three scenarios for how the system’s revenue will be impacted because of the coronavirus pandemic.

If remote learning is only required for the upcoming summer term, CU could see revenue losses that range from $226.8 million to $526 million.

If remote learning continues for the fall semester, revenue losses would increase to the $451.6 million to $855 million range.

And if remote learning is required for the summer, fall and spring terms, CU would lose between $702.2 million and $1.1 billion in revenue.

CU Boulder would feel the brunt of that impact, carrying approximately 60% of the revenue cuts in all three scenarios.

The predictions include losses in tuition, research and auxiliary revenue, Saliman said. Auxiliary revenue includes housing and dining services.

CU system has already taken a $185.7 million budget hit because of the coronavirus pandemic, including pro-rated refunds for students who moved off campus and stopped eating at dining halls as a result of the pandemic.

CU system leaders have shared the system’s budget predictions with legislators, said Vice President of Government Relations Tanya Kelly-Bowry.

“I think the response from our policy makers is they did not anticipate the magnitude of the impact,” she said.

The 2020-2021 budget predictions do not include changes to state funding, which could range from holding flat to a 16.9% cut.

The state budget has not yet been finalized by the Joint Budget Committee, but committee staff recommends eliminating budget increases and state funding for higher education capital construction and maintenance projects, Saliman said.

CU is looking at eliminating raises, furloughs, layoffs, pay cuts, less travel, less financial aid provided by the university and fewer student services to balance the budget, Saliman said.

“The degree to which we lean on these budget balancing options depends on how deep the cuts are,” he said.

Each campus is currently developing plans for 5%, 10% and 20% cuts to their operating budgets.

The Board of Regents will vote on tuition, fees and expenses at their May 19 meeting, the state budget is expected to be complete by the end of May, and Regents will vote on the system’s 2020-2021 budget at their June 18 meeting.