“We have planned substantial belt tightening for next year, after which we will return to a steady growth in our operating budget,” Vest said.
Despite the cutbacks, MIT administrators said the university is by no means in dire financial straits.
Vest noted that net tuition has grown modestly and the university met a $1.5 billion capital campaign goal two years early.
Brown wrote in a press release that campus research funding has grown to $470 million.
“MIT has never been stronger in terms of the quality of our students, faculty and staff, our academic programs, the excellence and world-wide impact of our cutting-edge research and scholarship, the evolution of our campus and its infrastructure and our underlying financial strength,” Vest said. “MIT has great momentum, but we are hitting a large bump in the road and must make major near-term adjustments.”