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DALLAS (AP) — Southern Methodist University is planning to cut up to $35 million in annual operating expenses through layoffs and administrative changes.
The university's chief financial officer tells The Dallas Morning News (http://bit.ly/15RUtD4 ) staff affected by the layoffs will likely be notified early next year. He declined to say how many positions could be cut.
A recent ratings update from Moody's Investors Service notes the university has reached its debt capacity under its current rating and has "very thin liquidity" compared to similar institutions. The service gives SMU its fourth-highest credit rating and a stable outlook.
The decision to rein in expenses follows a series of high-dollar 2013 expenditures such as the opening of the George W. Bush Presidential Library and a change in the school's athletic conference.
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Information from: The Dallas Morning News, http://www.dallasnews.com
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