EAST LANSING, Mich, (WOOD) — Michigan State University announced budget cuts for the remainder of the 2020 fiscal year, which ends June 30, and the 2021 fiscal year, which runs from July 1 to June 30, 2021, due impacts of the coronavirus pandemic.

President Samuel Stanley says MSU has already lost between $50 million and $60 million for the 2020 fiscal year. The university anticipates a loss of $150 million to $300 million for the 2021 fiscal year and a shortfall of 11%.

Stanley announced executives at the university will be taking a temporary pay cut between 2% and 7% depending on salary. He says he will also be taking a 10% pay cut effective immediately.

Academic and administrative units will also take a minimum 3% budget cut.

Compensation for faculty and academic staff is being discussed and the university is finalizing those plans. Unpaid furloughs with continued health care coverage is also being discussed with labor unions.

In March, the university announced that hiring on campus would be limited and all hiring would need to be approved by the relevant vice president or provost.

In addition, capital projects are being examined to see which ones can be delayed or dropped.

The university is also considering to reduce consultants, voluntary expenses such as travel, salaries campus wide and contributions to MSU’s above-the-match retirement plan.