Word: fiscal
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...also drew more heavily from the endowment in fiscal year 2009 than in the past. Its endowment payout, which was $94 million in fiscal year 2008, increased to $115 million in fiscal year 2009, which ended Tuesday...
...incentive packages from the University this past spring—a participation rate of over 40 percent, the highest out of all the University's schools. The letter also noted that roughly 50 temporary and contract workers, mainly in operations and facilities, will not have their contracts renewed for fiscal year 2010—which begins today—and others will leave the school through "normal attrition...
...After the staff reductions conclude, the remaining workforce for fiscal year 2010 should number about 500 employees—a size similar to that in 2005, when the University's endowment was roughly the same size as it is today, following the 30 percent decline projected for the past fiscal year...
...Because the Law School's share of endowment payout for fiscal years 2010 and 2011 may fall by as much as $19 million from this past year's payout, administrators have come to view layoffs as a "painful" but necessary cost-cutting measure taken only after an "exhaustive look at all other possibilities," Jackson wrote. Staff attrition and redeployment, along with the University's voluntary early retirement incentive program, already helped to achieve most of the necessary downsizing...
...surplus," says David Menefee-Libey, a political scientist at Pomona College. "But because the state is now responsible for funding local government and school districts the demands on state resources became too great. The second strategy followed by [Governors Gray] Davis and [Arnold] Schwarzenegger has been to finesse the fiscal crisis by using budget gimmicks and by borrowing to bridge the yearly budget shortfall. Now both options are exhausted...