Word: deficits
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Dates: during 1980-1989
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Princeton University announced this week that it was facing its first budget deficit in 10 years...
...university official yesterday downplayed the significance of the $1.1 million shortfall, saying it was an insignificant sum when compared with the school's $400 million annual budget. But the official, Princeton's Financial Vice President Richard R. Spies, said the deficit was serious enough to warrant a series of cutbacks in university spending. "A million dollars is a substantial amounty of money by anybody's reckoning," he said...
...deficit, which Princeton President Harold T. Shapiro announced at a faculty meeting on Monday, is largely the result of a sharp drop in alumni donations, said Spies. He added that the university library's budget overrun was another major factor in this year's fiscal problems...
Princeton's alumni gave about $1 million less than expected, in part because of last October's stock market crash, Spies said. But while he said that the crash certainly had played a major role in causing the university's deficit, he was not sure what effects the crash had on the budget...
Gate revenues do not cover those expenses. The rest of the deficit is made up in donations and student fees...