What this means is they're cutting the pay of the faculty and staff by some percentage: 8-9%, usually. Faculty are then supposed to work 8-9% less.
But -- get this! Not on teaching days. That's the decision that's just come down in California. Don't cut instructional days! Show up to teach every day. And you're "allowed" to do research on your furlough days!
In other words? Do the same job for less pay!
Because that'll show the Legislature!