Anytime anyone in a position of claims a "financial crisis" as the reason they're doing something, it's generally safe to assume they're full of shit. Or, if not completely full of shit, at least covering for some other priorities that aren't quite as palatable.
Take, for instance, the University of Minnesota.
Sorry, class sizes are going to have to increase. We're in a financial crisis.
Sorry, tuition's going to go up yet again. We're in a financial crisis.
Sorry, we can't recognize a union. We're in a financial crisis.
Sorry, we have to hire part-time adjuncts instead of actual faculty. We're in a financial crisis.
Oh, we need to pay out $800,000 to avoid playing a football team that might make out football team not look very good? No worries. Here's your money.