The fact of the matter is that with an operating budget of nearly $2B, UCF had plenty of cash left over in their own coffers. This is money from UCF's own revenue generation.
The state dictates that construction projects must be paid for using a state-allocated fund. Thanks to your last governor, that fund has dwindled incredibly in recent years, forcing state universities to come up with creative ways of generating their own cash flow.
So UCF decides to use the added cash from their own streams to replace extremely outdated buildings that were in serious disrepair thanks to the severe budget cuts to education.
Mind you, the state auditor has been approving these allocations for years before all of a sudden claiming it was an oversight all along. UCF promptly reallocated the funds from their cash reserves. No cash ever went missing. Nothing was ever stolen. Oh, yeah, and the egregious use of that cash was to build academic buildings. The horror! Yet the heavily UF/FSU Florida House decides to make an all-out affair of it all.
They forced UCF's president to resign only to discover that the same thing happened at almost EVERY other state university, including UF, usf, FAU, and FIU. But were those presidents asked to resign? Of course not. In fact, the state now has a bill in the Senate that would make this all perfectly legal. Who would've thought that allowing universities to generate their own cash then use that cash to repair/replace academic buildings was a good idea?
That's why this is such a non-story. As much as some people try to blow it up to some major scandal, it simply isn't. We didn't use our own funds for hookers and blow. We used our own funds to replace our own condemned academic buildings.
If that doesn't show you the Florida legislature's true priorities, then I don't know what will.