Rice changes budget
In response to a 20 to 25 percent loss in the endowment's value, President David Leebron announced a 5 percent university-wide budget cut on funding from unrestricted sources last Wednesday during January's plenary meeting of the faculty. Deans and vice presidents will be responsible for including a 5 percent budget reduction individually in each academic school and administrative division's financial plans for the 2010 fiscal year, which begins July 1. The overall reduction amounts to approximately $13 million, 3 percent of the entire university budget and a $7 million increase over the budget cuts announced Dec. 1 last year. Portions of the budgets and endowment, which are restricted for certain uses, such as scholarships, will not be affected by the cut.