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The Boston Globe

Business

Harvard’s budget deficit reaches $34 million

Harvard University said its budget deficit rose to $34 million in fiscal year 2013, a gap that will force the world’s richest school to trim near-term spending even as it proceeds with ambitious building plans and fundraising.

The results, reported in the university’s annual financial report released Friday, show Harvard is in better financial condition than five years ago, during the financial crisis. But the deficit is up from $7.9 million in 2012, and school officials indicated their focus is still on containing costs.

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