Here is the text of his announcement:
We are now mid-way through fiscal year 2005-2006, and at this time we release our annual budget planning for fiscal year 2006-07. I am pleased to report that we do not anticipate a need this year for further budget reductions. Barring unforeseen catastrophic financial events, our budget planning for 2005-06 has provided adequate reserves to meet any minor budget lapses during 2006-07. Thanks to the good planning and excellent cooperation of the campus, we have been spared a mid-biennium budget correction.
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