EDMONTON -- The University of Alberta is looking to increase its revenue and use technology to improve efficiency as the school grapples with over $100 million in cuts over last year's budget. 

The funding change was outlined in February's provincial budget before the COVID-19 pandemic. 

In March, the school announced it was increasing tuition and cutting 1,000 jobs to deal with the shortfall. 

"Without a strategic approach to these financial challenges, the risks to the university are significant--declining student experience, reduced ability to attract talent and external research funding, and a diminished role in the province and country," school president-elect Bill Flanagan wrote in a blog.

"If we act quickly, we can turn our challenges into a strategic transformation." 

Flanagan also wrote the university would "rethink and restructure" how its faculties are organized, including potentially cancellation of some classes. The school will also re-examine how it uses and develops its assets.

Details of the revenue and technology parts of the plan are still being worked out but could include more commercial ventures. 

Flanagan is hosting a virtual town hall on June 2 where more details are expected to be revealed. 

Changes to the academic structure and calendar are expected to be in effect for the fall while the full plan may take a year to implement.