A little simple arithmetic, then, shows that much of the Faculty's "savings" last year are one-time events.

Interest rates and inflation are unusually low, meaning future borrowing will probably be more expensive and cost-of-living increases won't be as low as last year. Fuel prices aren't probably won't be falling either.

Knowles hails the administrative cost-cutting efforts--which include such draconian measures as reduced photocopying--as "very commendable." But these savings were a paltry $300,000, and it remains to be seen how much more can come from voluntary efforts.

The dean will likely also have trouble trimming many more faculty and staff positions than he already has through attrition and transfers.

In other words, between belt-tightening and attrition, the dean has cut about $1 million in "fat," and there's not much left.

Until now, Knowles has not talked about making cuts that would hurt academic programs, and the recent numbers have given him more confidence that he can avoid painful cuts. "If we're on this track, I really have some hopes," he says.

He still won't speculate about further costcutting measures, instead preferring to encourage faculty members to stay steady on course to net more savings.

The question is, if this year's improvement does turn out to be a one-year blip, then what happens next year? If the deficit grows back to nearly $10 million, Knowles may face the prospect of making truly draconian cuts.