The Associated Press

GEORGETOWN, Ky. - Georgetown College will begin the new fiscal year next week with a smaller budget and fewer employees.

Twelve people were laid off from their jobs and 23 unfilled positions were eliminated, said Mike Dawahare, vice president of development. Two other people had their full-time jobs reduced to part-time. No faculty were affected.

The layoffs are part of a $2.5 million cut to Georgetown's operating budget. In addition to the layoffs, wages across the college were frozen, and the college's match in employee TIAA-CREF retirement funds were reduced from 8 percent to 4 percent, Dawahare said.

President William H. Crouch Jr. took a 15 percent pay cut, and five vice presidents will have their salaries reduced 10 percent.

In February, Crouch said a bad economy had slowed fund-raising.