To be fair, that doesn't say anything about the relative efficiency of university spending. It says:
a) they've increased their spending on amenities and salaries by about 25%
b) they're taking in less money than before (apparently they're receiving 3x less money than they are increasing the budget? So budget increase is 25% of extra costs while funding decrease is 75%?)
I suppose it depends what metric we should be judging by. If university generates measurable value for the public (it probably does; having lots of smart people walking around isn't necessarily a bad thing), the next question is "how much money must be spent per unit of said public good?" Of course, no one can really agree on the goal of university or any metrics by which to judge (other than you have to go if you care about your future!), so it's kind of fubar.
I'd be willing to bet that they could get away with spending less money. I've been saying this for a while, but sooner or later student debt will lead to a major re-balancing of balance sheets. I'm a big believer in learning for free via the internet; if you have internet access, you've got everything you need to learn anything and contact anybody. Let the university system die a natural death and let's massively lower the cost and expand the reach of education.