Another interpretation of your exact data is that this great amount of funding paid off, it educated you and attracted talented people to University of Alaska.
In fact, a few months ago, the University of Alaska Anchorage lost accreditation for their teacher program. Yes, you read that correctly. The largest University in Alaska lost their accreditation for a program that is one of the most needed in the state.
Getting people to teach in Alaska is a major issue for obvious reasons, and the largest university in the state did such a poor job that they lost their ability to graduate licensed teachers.
Maybe you can help me understand this, but how is the solution to cut funding further by 41%?
For the specific situation, maybe a program that paid off student loans for anyone with some period of service (lots of teachers outside of AK) would be a better way to spend the money than unconditionally throwing it at a failing program?
Competitive pressures are required.