No, they are not cutting the program . . . they are cutting the
department and rolling the programs and faculty to other departments. It doesn't sound good on the surface, but is slightly less bad when you read a little further. But it's still bad because they seem to be eliminating the research aspects of it, and changing the programs to fit in new places probably isn't good either.
UT "cut" its CS
department 5 years ago by rolling it into the Electrical and Computer Engineering Department. At UT, that meant it even moved to a new college (from Arts & Sciences to Engineering). But they did not eliminate anything when they did that except a title . . . everything else was just a change rather than an elimination. They still do research and offer BS/MS/PhD CompSci programs just like always. Still, it's an uncomfortable marriage that barely works, at least at UT.
Florida's biggest problem is they can't charge enough tuition. Their in-state tuition is years and years behind most public schools and doesn't reflect the true cost of students. So they depended on state resources, which are being cut left and right now . . . but they can only raise tuition so much each year in response.