Word: budgeting
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Sweet will leave less than a year after he first arrived on campus in September, as Harvard's endowment was on its way to an unprecedented four-month decline of 22 percent that would mean sweeping budget cuts for Harvard's largest school. A stalwart presence at Smith's side during these cutbacks and layoffs, Sweet has served a crucial role in the FAS administration, which has found itself saddled with a $220 million annual deficit to close over the next two years...
Sweet, a former cryptographic researcher, has brought sharp insight to Harvard's finances for not only top Faculty deans but also the departments and centers that must translate the deluge of figures into real-life budget cuts, Smith said. After Smith delivered a mandate to departments to cut their budgets by 15 percent in December, Sweet became the go-to man who could bring reality to the numbers...
...This last year, he's been pretty phenomenal, experienced or new, with all of the budget changes we’re going though,” said Nancy M. Cline, the head of the Harvard College Library, in an interview in May. “The breadth of problem-solving that a person has had usually makes a difference...
...savings achieved by the latest staff cuts, as well as those arising from personnel attrition and the University's voluntary early retirement incentive program, are part of the $77 million of FAS budget cuts announced in May, Bradt said. But even after the recent downsizing and other service reductions, FAS, the University's largest school, still has a projected $143 million annual deficit that Smith says must be eliminated by fiscal year 2011. As a result, the School has now embarked on a process of "resizing and reshaping" its operations...
...letter, Smith wrote that the global economic downturn forced FAS to reexamine all of its spending, including the compensation costs that make up nearly half of the School's operating budget. He said that previous cost-cutting measures such as the early retirement program, salary freezes for faculty and exempt staff, limitations on new hiring, and offers of reduced hours did not achieve the necessary budget reductions...