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...Harvard’s schools debate budget cuts, Allston residents face the possibility that funds previously reserved for the University’s expansion plans could be diverted to yet-to-be-determined projects. Since 2001, the strategic infrastructure fund—a 0.5 percent levy on the endowment of all of Harvard’s schools—has set aside money for financing projects in Allston. The fund contained $140.5 million as of 2007, according to Harvard Magazine. But in light of considering departmental budget cuts of 10 to 15 percent, faculty members—often critics...
...Speaking before a meeting of the full Faculty, Smith said the percentage was a target for the next couple years, but that he did not expect FAS to make up the full $100 million—representing about 8 percent of the entire FAS budget of $1.2 billion—before next year’s budget is due in March...
...Projecting his pen-and-paper tabulations on two screens in either corner of the room, Smith outlined the Faculty’s precarious financial situation. With University estimates of an annual endowment loss hovering at 30 percent in the midst of an unprecedented financial crisis, Smith said it was unlikely that FAS will see an increase on the $650 million of endowment payout it received last year...
...Asked by a professor during yesterday’s meeting to comment on the status of the Strategic Infrastructure Fund—a 0.5 percent annual levy on the endowment that has traditionally funded Allston development—University President Drew G. Faust suggested that the money could be put towards other projects in present circumstances...
...Smith’s targets for reductions came only a few days after officials at Harvard Medical School confirmed that they were taking similar action, asking departments to plan for 10 percent decreases in their budgets, but acknowledging that actual cuts were unlikely to reach those levels...