BOULDER - A day after stripping the University of Colorado-Boulder student government of $23 million in funds they had managed for about 40 years, the chancellor reversed the decision.

In a statement posted to the university's website, CU Chancellor Phil DiStefano said that he's delaying the move and wants to hear more from university students about the decision.

Wednesday afternoon, administrators announced that members of student government would no longer manage $23 million in funds.

"They were managing the money OK, but they were not looking at long-term because they're in office for one year," said Christina Gonzales, vice chancellor of student affairs.

The money was for entire buildings on campus, like the University Memorial Center, and the Recreation Center. Students were in charge of many things inside those buildings, like food vendors, maintenance and even university employees.

Student Government Executive Troy Fosset said they were "the most autonomous student government in the entire nation."

Fosset disagrees with the administration's view and argued the university was silencing the student's voice in pulling the funds.

"It's not a burden, it's an honor to be able to oversee that and effectively advocate for the students," he said.

But - prior to Thursday's announcement - Vice Chancellor Gonzales said the university needed to take back power in order to save the students money in the long-run.

She cited one example of the student government's refusal to sign an agreement with food services that she says cost them $30 million over the course of 10 years.

The student government believes the university didn't communicate that issue with them. It appears they'll now get the opportunity to talk to leadership about the move.

In response to Wednesday's move by CU, a couple hundred students staged a walk-out at the Memorial Center Thursday afternoon to protest this decision.

The student government would have been left to manage $1.9 million for campus organizations and events. CU Boulder says that number is more in line with other PAC-12 schools.

The future of CU student government's $23 million is - at this time - still up in the air.