I don't think that's an entirely accurate backstory.
The facutly are in revolt because the Board fired the President without warning or stated cause. Eventually, the Board said the cause was that the President, who is in the process of making cuts, was not acting fast enough.
For the other stuff, to add to the budgetary woes, the amount of state money that the public universities in Virginia receive (not just UVA) has dropped significantly.
The state money argument is a bit of a canard. State funding has dropped $26 million since 2001. All of that since 2007 (i.e. the Great Recession). Expenses have increased $590m since 2001. As the rest of the economy was belt-tightening the last five years, expenditures on faculty salaries kept growing.
The facutly are in revolt because the Board fired the President without warning or stated cause. Eventually, the Board said the cause was that the President, who is in the process of making cuts, was not acting fast enough.
For the other stuff, to add to the budgetary woes, the amount of state money that the public universities in Virginia receive (not just UVA) has dropped significantly.