In order to address a $55 million deficit in the budget of the provost, Cornell will cut all of its schools' budgets by 2 to 2.3 percent of their yearly spending.
The deficit was brought on by the office of the provost "giving out allocations to both the colleges and the central administrative units that exceeded the revenues that were coming in," Interim Provost Harry Katz said. The provost's office provides funding for every college as well as student activities and the maintenance of select buildings.
Cornell is looking to use the cuts in funding to account for half of the deficit and funds from the increases in tuition — 10 percent of which go toward the provost's budget — to account for the other half.
Katz recognizes that for the those that rely on the provost's budget, it will "be painful to reduce allocations by that amount." He plans for this to be a one-time adjustment and have the deficit closed within a year.
Read the full story at The Cornell Daily Sun.
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