A "town meeting" on MIT's financial situation attracted a capacity noontime crowd of more than 400 faculty, staff and students Tuesday to the Sala de Puerto Rico in the Stratton Student Center.
President Charles M. Vest began the two-hour session with an overview of the "complex web" of forces responsible for a growing gap between income and expenses which produced a $10 million deficit in the last fiscal year. As a result, he said, MIT is seeking a $40 million cut in operations ($25 million net of indirect cost recovery) over the next three years or so, which will include a reduction of about 400 jobs.
"We face a challenge together," Dr. Vest said, to bring about needed reductions "in such a way that we preserve and enhance the excellence of this institution."
A full report will appear in next week's Tech Talk.
The meeting will be rebroadcast on MIT cable channel 8 Thursday, 7-9pm.
A version of this article appeared in the December 1, 1993 issue of MIT Tech Talk (Volume 38, Number 16).