Yale still addressing budget gap - GAVAN GIDEON, Yale Daily News

More than three years after the onset of the recession first forced administrators to make University-wide budget cuts, Yale’s finances still have not fully recovered. University President Richard Levin and Provost Peter Salovey wrote in a Wednesday memo to faculty and staff that additional budget reductions are required to close the remnants of a $350 million gap caused by the 25 percent decline in the endowment three years ago. Though Yale returned 21.9 percent on its investments in the fiscal year that ended June 30, the University’s increase in spending is projected to outpace growth in revenue for the 2012-’13 academic year. Levin and Salovey said they expect to avoid the “across-the-board” cuts in the coming year’s budget, unlike those they called for last January and in previous years. The 2012-’13 budget should also leave room for increases in faculty and staff salary and wages, they said.