The University is set to take a $34.8 million budget cut, according to a University news release sent late Tuesday night. The number is identified in documents released by the LSU System on Tuesday. The documents also say Gov. Bobby Jindal is expected to propose a $241 budget cut for higher education Friday, according to the release. Chancellor Michael Martin said in the release that with such steep cuts, “it will be like the Flagship Agenda never happened.” “The cut will likely cause us to fall back to where we were eight to 10 years ago,” Martin said. “This kind of cut — 20 percent — would be a major setback for LSU.” Martin also said in the release the cuts could be damaging to the University’s status as a top-tier institution. The University broke into U.S. News & World Report’s “America’s Best Colleges” list in August. “LSU worked diligently to do a lot with a little,” Martin said. “And now, when we are finally getting recognized nationally for academics, we are going to be sent right back to where we were before the Flagship Agenda was created. It’s very disheartening.”