Cornell President David Skorton issued a welcome to members of the Cornell student body, faculty, and staff on Wednesday. Skorton’s letter recaps Cornell’s great strides to balance its budget amidst recent financial troubles. According to Skorton, the projected annual deficit for the university stands at roughly $135 million, a drop from the originally projected deficit of $215 million. Further, Weill Cornell Medical Center will have a balanced budget this year. Cornell moved towards a balanced budget by reducing its staff by 7%, or by about 400 workers. However, Skorton offered a positive outlook for hiring in the near future, saying, “we've moved forward with some faculty and staff recruitments, although at a much slower pace than normal.”