Over the past several weeks I have been meeting individually and collectively with the deans of the faculties,as well as the Corporation,to share ideas on how we can best respond to this changed economic environment. We need to sustain our high academic ambitions at the same time that we bring greater financial discipline to all our activities. We have to think not just about what more we might wish to do,but what we might do at a different pace or do without. Tradeoffs and hard choices that can be avoided in times of plenty cannot be averted now. And,given the ongoing volatility and uncertainty,we need to plan and budget with a range of contingencies in view,including scenarios for reducing our spending both this year and next.
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