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The University of Montana has shrunk a $10 million shortfall, and with prudent spending, the flagship may not need to dip as deeply into reserves as planned this fiscal year.

Paul Lasiter, vice president of operations and finance, said he projects UM will close out the 2019 fiscal year in better shape than projected if the campus continues to spend with caution.

He had planned to spend $7.3 million in savings to cover basic operating costs, but he believes the budget is "almost at break-even." However, Lasiter also said the budget is lean for the needs of the campus.

"We've reached a point of stability, but I'm not satisfied," Lasiter said Friday. "That budget needs to be much more robust."

In January 2018, incoming President Seth Bodnar identified UM's budget shortfall at roughly $10 million after years of declining enrollment, and he outlined a plan to get on track over the course of four years. Last fall, an interim finance vice president projected the campus would close roughly half of the gap.

The fiscal year ends June 30, and Lasiter shared an update of the budget picture as UM wraps up the year. The general fund put total expenses at $146.9 million and revenue — not including savings — at $139.6 million.