Word: deficit
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Dates: during 1960-1969
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...note of local financial history to your article of November 6th, which was headlined: "Dean Ford Forecasts Large Faculty Deficit?" It has been true in recent years that the budgeted income for an academic year has turned out to be under-estimated and the budgeted expenditures have turned out to be over-estimated, when compared with the actual year-end results. While it is of current interest to know how the budget estimates compared with actual results in any single year, it may be helpful also to review the trend of actual results over a period of years (and ignore...
Year. End Surplus/(Deficit...
While the trend is downward, and thus perhaps worrisome for the future, surpluses occurred in five years out of six, and the one deficit was a relatively small one. For most purposes, however, the inclusion of restricted endowment and gift income and expense in this summary is misleading. The uses for which this money can be spent often are not those for which our greatest need now exists. In 1969/70, for example, the largest single increase in budgeted expenditure is for scholarships. Most of that increase must come from unrestricted funds. If one care to appraise the Faculty's ability...
...there may be serious trouble in repeating last year's performance and turning the deficit into a surplus. Much of last year's recovery was due to a large and unexpected distribution of endowment income-a boost that will not be repeated this year...
...most disturbing item in the new budget is the $1.5 million deficit predicted in the "unrestricted income" figure. The total Faculty budget is made of three subtotals: unrestricted income, restricted endowment income, and gifts for special purposes. Money in the last two categories is earmarked for special expenses such as endowed chairs; it cannot be used to make up shortages in general operating costs, which all fall into the "unrestricted" category...