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.

The board voted Friday to refinance $35.2 million in Virginia College Building Authority bonds, which were used to pay for School of Medicine buildings, the Massey Cancer Center, housing, parking and other amenities.

Enrollment is down at the university, and fewer students lived on campus this year, meaning fewer students paid for room and board, meal plans and parking.