UPDATED 11 a.m. -- The state’s public university presidents and chancellors released a joint letter today asking state leaders to commit to a reliable payment schedule for the schools’ past-due appropriations.

The letter calls on Gov. Pat Quinn and Comptroller Dan Hynes to provide a payment plan for fiscal 2010 appropriations. It also asks elected leaders to work together to develop long-term financial solutions to the state’s budget crisis.

As of last week, the state was $735 million behind on payments to the public universities for fiscal 2010, which began July 1.

"Without full funding of our appropriations in a timely manner, we will be forced to take even more drastic actions that will diminish the eduational opportunities of our students and our service to the people of Illinois," the letter says. "We are currently past the halfway point in our fiscal year, but have received only a fraction of our state funding."

To meet the "unprecedented" cash crunch, schools are postponing payments, borrowing from other funds to meet payroll and considering severe budget cuts. The UI last month announced unpaid furloughs for 11,000 employees.

Interim University of Illinois President Stanley Ikenberry said this morning the state must resolve its financial problems or risk damaging the long-term viability of its higher education system. The state owes the UI about $431 million.

"We are asking for some assurance of a payment schedule" to help schools "plan more rationally," Ikenberry said this morning, before joining other university presidents at a press conference in Chicago.

The letter was signed by 14 presidents and chancellors from the state's four-year public universities.