Academic base salaries of faculty members may be decreased only in accordance with an expressed agreement between the faculty member and the University or because of financial exigency. Decreases for financial exigency shall be limited to the following: (a) simultaneous uniform percentage decreases in the academic base salaries of all faculty members in the University and (b) simultaneous uniform percentage decreases in the academic base salaries of a class of faculty members such as a particular rank, department or school. No decrease for financial exigency shall be made except after consultation, initiated by the president, with the Executive Committee of the Faculty Senate or with representatives selected by the class of faculty members subject to a proposed decrease. Consultation shall cover such issues as the existence in fact of a financial exigency, the appropriateness of the selection of the particular class for salary decrease, alternative actions and the like.

     If after such consultation the academic base salaries of faculty members are decreased, with or without the concurrence of the Senate or the representatives of the class of faculty members, the president shall notify the affected faculty members, in writing, of (a) the fact that the academic base salaries of all of the faculty members in the University, or of a described class of faculty members, have been simultaneously decreased, (b) the formula applied uniformly to determine the amount of the decrease and (c) the reasons for the action taken.