Word: deficits
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...move that brought clarity to why administrators have tamed fiscal messages after months of stressing the Faculty of Arts and Sciences’ impending financial deficit, FAS Dean Michael D. Smith delivered the news Friday that the school had posted a $58.6 million surplus in its unrestricted funds for the fiscal year that closed in June...
...Smith’s Dean’s Annual Report, was balanced by a consistent emphasis that most of the gains were “the result of one-time events,” and that, as expected, much remains to be done to close a remaining $110 million deficit...
Both funding sources represent isolated influxes into the annual budget, and will not be reported in subsequent years, meaning that the long-term deficit situation that Smith emphasized in a series of faculty meetings and community gatherings remains a concern...
...meantime, it appeared Friday that Smith’s calls for cost-cutting measures last spring—when deficit estimates ran as high as $220 million over a two-year period—had paid some dividends...
Speaking before an audience in the Science Center, Smith mentioned the anonymous gifts and told forum attendees that thanks to a combination of windfalls and budget trimming, the current fiscal year had seen its deficit already slashed by over $100 million from earlier projections...