Word: budgeting
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...Twenty million dollars is not where I expect us to end up at the end of the year. I think we can do tremendously better—in fact, I think we can come back to a balanced budget in fiscal year ’10,” Smith said. “We started out tremendously well here, but we aren’t out of the woods yet. There’s still more work to be done. But I wouldn’t want to be anywhere else...
...spring, Smith announced yesterday that FAS has achieved an additional $36 million in saving though a combination of cutbacks and increase revenue, creating what Smith referred to as a “cushion” that effectively buys the school more time to develop a comprehensive plan for the budget...
...March, the Harvard Corporation announced an eight-percent reduction in the endowment payout to Harvard’s schools—which contributed 56 percent of the FAS budget last year...
...same meeting, Smith projected that the 2011 fiscal year budget would see an additional 12 percent decrease in endowment payments to the school...
...bigger issue is a looming gap in fiscal year ’11,” Smith said yesterday, adding that he has entrusted FAS’ six working groups with the task of recommending budget cuts for the two-year period...