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What led to contingency planning for a current fiscal year budget deficit?

April 26, 2017budget Contingency deficit LED planning

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What led to contingency planning for a current fiscal year budget deficit?

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Last fall, when it became evident that the state and national economies were in trouble, the university began to plan for the loss of $13.4 million in revenue and developed a budget contingency plan using the best information available in a rapidly changing environment.