BOULDER, Colo. (AP) — University of Colorado president Bruce Benson says the university has saved about $4 million by self-insuring itself and more than $2 million after taking an audit of dependents on its benefits roll and finding some that were ineligible.

He says the school has saved another $7 million in procurement costs, which is in charge of contracting with vendors and purchasing.

Benson says the cuts were needed because state funding has been cut to $146 million next year, a a $46 million reduction over last year.

Benson says the university has avoided laying off faculty or scaling back research positions so far this year.

The school has already addressed $50 million in cuts during the past two fiscal years, partly through layoffs.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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