Word: deficit
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...even as Smith successfully trims a daunting budget deficit, his approach has struck a nervous chord among faculty members who benefit from the incongruent academic and spending methods of the school. Led by affiliates of some of the traditionally independent FAS centers, they have voiced concerns that an overarching financial mission could intrude into their own academic priorities...
Facing a monumental $220 million budget deficit in the wake of a 30 percent drop in the endowment at the end of 2008, Smith began a multi-year plan to find additional funds and cut back in certain areas, asking units to surrender some of their institutional independence in service of a common financial goal...
Facing at least a $35 million deficit, the FAS budget office communicated the new budgeting approach to the community in the month leading to the March Faculty meeting. The policy required affiliated FAS units—including centers—to fall into line and justify that all their expenditures serve core FAS priorities...
Smith said that he expects to further trim the deficit down to $35 million before June 30, when next year’s budgets must be finalized across FAS. He added that he hopes to present this anticipated figure to the Harvard Corporation—the University’s highest governing body—by July...
...optimistic depiction of FAS’ current budgetary status at yesterday’s meeting comes after nearly $160 million in reductions to the deficit, which had stood at an imposing $220 million in the fall...