Despite some indications that the global economy is gaining strength, Washington University’s financial situation has not improved since April, according to an e-mail sent by Chancellor Mark Wrighton Wednesday afternoon.

Though the University took several cost-saving measures over the summer, it continues to face an annual shortfall of about $30 million per year through fiscal 2011 and beyond.

The most significant source of trouble for the University’s finances is the continued decline of the endowment. As of June 30, 2009, the market value of the endowment was about $4.2 billion, which is down by 30 percent from its peak value two years ago.

“This downturn is very significant and has resulted in a decrease in endowment payout of $9 million,” Wrighton wrote. “We anticipate additional years of lowered payout and are planning for another $9 million decrease in FY11.”

Though the endowment has plummeted, the administration has made college affordability for students a top priority.

“We have set a priority to meet the financial aid needs of continuing students,” Wrighton wrote.

The dedication to making tuition more affordable will be realized in “Opening Doors to the Future: The Scholarship Initiative for Washington University,” a five-year-long drive to raise $150 million for scholarships and financial aid by 2014.

“We’re anxious to see our undergraduates succeed and to complete their time at the University,” Wrighton said in an interview with Student Life. “The ‘Opening Doors’ initiative is one that will help us in the short run and, hopefully, over time in the longer run as well.”

In the e-mail, Wrighton promised to support the students and faculty and make as few personnel cutbacks as possible, though he emphasized that spending will have to be reduced in certain areas.

“I’m hoping that people will be understanding that the shift in resources to financial aid will cause constraints in other areas. We will be perhaps a little slower in terms of services provided,” Wrighton said in the interview. “We can’t do everything all at once, but we are going to try to find ways to reduce expenses.”

Wrighton praised the recent suggestions he received from individuals about cost-saving measures.

“I’ve received some very good suggestions already from my communication back in April of last year,” he said. “I appreciate the creative effort of everyone as we move through this era. I know that, for many, this creates some anxiety and potentially some disappointment down the road.”

The e-mail comes after another message from Wrighton sent in April, the first announcement of the economic downturn’s effect on the endowment. In the previous e-mail, Wrighton assured students at the time that while the endowment had plunged 25 percent below its previous value, it would not suffer in the long term.

Financial predictions for the endowment in the short run, however, are bleaker.

“We will most likely face significant financial problems in the next several years,” he wrote in April.

Despite the anticipated difficulties, Wrighton emphasized that the University remains strong.

“We’re not broken,” he said. “We have time to plan and be careful as we make changes to ensure that we sustain our excellence as one of the leading research universities while also making sure that we have the financing without having to be living year-to-year, so to speak.”

With additional reporting by Dan Woznica.