It is no small toll that the COVID-19 pandemic will take on Ohio State.

University President and NCAA board of governors chair Michael V. Drake said in a campus-wide email update Tuesday that Ohio State will experience a $300 million loss in revenue for the 2020 fiscal year, ending June 30.

Drake said the losses have been addressed with a hiring pause, a pause in off-cycle salary increases and a restriction on university travel among other cuts in spending.

“Overall, we anticipate that the upcoming fiscal year will present further budgetary challenges due to COVID-19,” the email reads. “We are planning for multiple scenarios while working to maintain and advance teaching, research and patient care.”

Drake said an interim operating budget will be presented to the Board of Trustees for July and August, when he said $58 million in cost savings will need to be achieved.

The Board of Trustees will also consider the creation of a furlough policy, Drake said.

“To be clear, we are not planning to institute furloughs at the present time,” Drake said. “However, given the fiscal uncertainty we are facing, we need to have the flexibility to institute further cost-saving measures if necessary.”

The university will implement a halt in annual merit compensation for all Ohio State faculty and staff for the new fiscal year.

The university’s state of emergency has been extended through June 6.