RICHMOND, Va. (AP) — Virginia Commonwealth University’s president says revenues likely will fall at least $75 million in the spring 2021 semester.

The Richmond Times-Dispatch reports that President Michael Rao told the school’s board of visitors on Friday that’s the best-case scenario for a future still clouded by the pandemic. Revenue losses could reach $144 million.

VCU Health is projecting a loss of $60 million. Rao says the university will do everything it can to avoid that. The university’s overall budget this year is $1.3 billion.

VCU has saved costs by refinancing bonds, freezing some spending and hiring and integrating its purchasing and accounts payable systems to be more efficient.