More than 100 University of Alberta employees accepted voluntary severances on Tuesday.

In total, 77 professors, 6 librarians, and 38 support staff will be leaving their jobs by the end of June 2014. Most will not be replaced.

The total cost of severances doled out today is $17 million. The university said the savings will add up to between $12 to $14 million dollars year over year.

The severances are part of the school’s latest attempt to cope with provincial budget cuts.

While almost every university faculty is affected, the Faculty of Arts took the deepest cuts, said acting provost Martin Ferguson-Pell.

"We know that there have been a number [of cuts] from English, which is one of our strong programs in Arts, and from music – which is also a strong program in Arts. Beyond that, I would say it's premature for me to look at that impact," he said.

"The impact will be very significant," he added.

The university wants to cut $56 million this year to balance its budget by 2015.