(CBS4) — Staff and faculty at the University of Colorado who make more than $60,000 a year will be taking a temporary decrease in pay. On Thursday, Chancellor Philip DiStefano announced those employees will see a temporary 5% pay reduction. — but they will receive an additional 12 days of leave, to use by June 30, 2021.

Current estimates show that the temporary pay reductions will save the university approximately $15.1 million.

“As discussed publicly since April, CU Boulder is facing a funding shortfall,” officials stated in a news release.

“Estimates on the funding shortfall show a potential $121 million to $651 million deficit for next fiscal year,” officials stated. “By taking these measures, the university can prevent imminent layoffs and other budget cuts that would harm the university’s ability to achieve its mission.”