FAYETTEVILLE, Ark. (KTHV) -- University of Arkansas officials have decided not to implement a gift-tax fee to help pay off a $4.3 million shortfall in the budget.

Arkansas Business reports that Chancellor Dave Gearhart said the UA will work to cover the deficit in other ways, including mix of budget cuts, hiring freezes, money transferred from within the university and what is described as "unrestricted funds."

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U of A reports multi-million dollar budget shortfall