U Toledo officials say $13M deficit develops in budget - NOLAN ROSENKRANS, Toledo Blade

The University of Toledo is projecting a $13 million budget shortfall for its current fiscal year, which could force budget cuts if the university’s financial picture does not improve during the spring semester. University officials’ budget forecast at the start of fiscal year 2013 showed a balanced budget of about $530 million for nonclinical operations; the shortfall has developed during the fall semester. Most of the projected shortfall is because of lower-than-anticipated student enrollment for the fall semester, UT President Lloyd Jacobs said. The rest is from unexpected cost increases; Dr. Jacobs cited as an example higher facility-cooling costs because of unusually hot summer weather. Dr. Jacobs downplayed the projected shortfall, which could shrink or be eliminated during the course of the fiscal year. He said it wasn’t unusual for budget-shortfall projections to appear at points during the year. http://www.toledoblade.com/Education/2012/11/26/UT-officials-say-13M-deficit-develops-in-budget.html