Early projections indicate budget deficit - GAVAN GIDEON, Yale News

While Yale has largely addressed the $350 million budget gap caused by the onset of the recession, Provost Peter Salovey said Sunday that the University still lacks a “long-term” plan for sustainable finances. Though Yale has seen across-the-board budget cuts every year since the recession hit in 2008, Salovey told the News in September that he thought University units would only need to sustain their latest reductions and would “not likely need to make new cuts” in the near future. But Salovey and University President Richard Levin announced in a Wednesday memo to faculty and staff that a disparity between growth in expected spending and revenue will require “targeted reductions” to close a projected $67 million deficit in the 2012-’13 budget.