Someone posting as Profman has this to say with regard to an essay on Minding the Campus:

There’s not much to disagree with here. I think my university in Illinois is a sign of things to come. Here’s what’s happening:
We’ve been bleeding students. FTE dropped from 9,800 students in SP2007 to 8,100 in SP2013.
There have been several months in the past few years where the university wasn’t sure if it could meet payroll. This had never happened before.
Many local businesses are really hurting because of this constantly decreasing customer base.
Retiring faculty are often not being replaced.
All departments have been ordered to cut 20% from their operating budgets next year. Yes, 20%!
All faculty travel budgets have been eliminated for next year.
The state has cut funding in recent years, so the university has had to dip into reserve funds to meet expenses. Those reserve funds are now gone. If enrollment continues its decline, we face HUGE deficits in the next few years.
Until this year, the university has been able to avoid outright lay-offs. It now says lay-offs are unavoidable.
We’ve raised tuition and fees every single year. As a result, it is much more frequent for me to know students only as juniors and seniors — because more of them are going to community college the first two years to save a LOT of money.
25% of our students come from families making less than $30,000 per year, but one year at our college now costs $21,000 (tuition, room, board, fees). Oh, that doesn’t include books. AND we just raised costs another 4.5% for next year.
We’ve closed three major dorms in two years (housed more than 2000 students).
Many summer classes have been converted to online, so very few students stay for the summer anymore. Add another hit to the local economy.
I know of several younger professors who are looking for jobs elsewhere because they want to jump ship before it sinks.
I don’t know of a single faculty or staff member who isn’t scared about their job right now. To say the mood is grim is an understatement.

Is Profman at one of the SIU campuses, perhaps? Anyone able to figure it out from the evidence? In any case, this is a university in deep trouble.