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The Boston Globe

Business

Harvard’s operating deficit rises to $34 million

Harvard University’s budget deficit rose to $34 million in the year ended June 30, a gap that will prompt the world’s richest school to trim near-term spending even as it proceeds with ambitious building plans and fund-raising.

The results, reported in the university’s fiscal 2013 annual report released Friday, show Harvard is in better financial condition than it was five years ago, during the financial crisis. But the budget deficit is up from $7.9 million in 2012, and school officials indicated they will stay sharply focused on costs.

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