AUSTIN, Texas (AP) — The University of Texas is developing a plan to cut about $29 million from the state-funded portion of its two-year budget.

President William Powers Jr. on Monday said the “sizable amount of money” adds up to a 5 percent cut as required by state leaders.

Meanwhile, a public forum was scheduled Tuesday in Austin to discuss a proposed nearly 4 percent tuition increase in each of the next two school years.

Gov. Rick Perry, Lt. Gov. David Dewhurst and House Speaker Joe Straus last week told state agencies, including higher education institutions, to submit budget-reduction plans by Feb. 15.

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Information from: Austin American-Statesman, http://www.statesman.comCopyright 2010 The Associated Press.