NEW INFORMATION: Finance committee approves UW reserves plan

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MADISON, Wis. (AP) -- The Legislature's finance committee has approved a revised surplus policy for the University of Wisconsin System.

System officials have taken criticism for building massive surpluses while raising tuition. Republican lawmakers froze tuition in response and required the system to develop a policy governing how much cash campuses can have on hand.

The system's plan calls for schools to finish each fiscal year with tuition and student fee surpluses of at least 10 percent of expenditures and justify surpluses of more than 15 percent.

Finance committee Republicans tweaked the policy to require campuses to justify surplus of at least 12 percent of expenditures and build surpluses through savings if their tuition and student fee account balances dip below zero.

The finance committee approved the policy 15-0 Tuesday.

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