Eastern Michigan University trying to rein in $3M budget shortfall - Kelly Woodhouse, Ann Arbor.com

Eastern Michigan University's budget shortfall has shrunk to $3 million, giving the school hope that it can complete the academic year in the black. The school experienced a $11.4 million dip in state funding this year. Coupled with overestimating 2011-2012 enrollment and poorly performing investments, EMU officials warned regents in October that the shortfall could balloon to $6 million in June. Their fears were quickly validated. By November the shortfall had skyrocketed to $4.6 million, growing by nearly $3 million in one month. Since then, however, EMU has gradually adjusted operations and limited spending in an effort to avoid red ink at the end of the year.