COLORADO SPRINGS -- University of Colorado Chancellor Phil DiStefano unveiled cost-savings plans Thursday including a new "office of business excellence" that he expects will find the Boulder campus $2 million in annual savings.

Additionally, DiStefano told the Board of Regents that he's on pace to start an advisory council this spring that is made up of outside business leaders and community members tasked with finding alternative revenue streams for CU. The task force will be asked to build support for new research partnerships and come up with innovative ideas to serve students amid shrinking resources.

While CU is expecting a rare $3.8 million increase in state funding this year, higher education and budget officials expect that state funding for public colleges and universities in the state will run out in the next five to 10 years.

Kelly Fox, the chief financial officer for the Boulder campus, discussed other savings strategies on the campus.

Eco-friendly features in the new Jennie Smoly Caruthers biotechnology building on the east campus, she said, are resulting in $250,000 in savings per year compared to buildings of similar size and function.

Fox said the school also consolidated diversity initiatives and was able to save $145,000, which was then invested in scholarships.

Contact Camera Staff Writer Brittany Anas at 303-473-1132 or