The University is facing a lot of financial uncertainty, but we are also making responsible decisions in order to continue to pursue our institutional goals of teaching and research. We have made the decision to hold back 15 per cent of our operating budgets across the University this year as a contingency measure based on our internal models. We have asked leaders to focus on efforts to maintain filled, regular ongoing positions and graduate student funding support. We will be reviewing the effectiveness of our 15 per cent hold back. The Integrated Co-ordination and Planning Committee (ICPC) has a working group dedicated to look ahead. They will model and plan accordingly as the picture of the future becomes a little clearer.