Hard times hit the Missouri Botanical Garden

ST. LOUIS -- The Missouri Botanical Garden in St. Louis will impose mandatory pay cuts, a hiring freeze and staff reductions through attrition.

President Peter Raven announced the plans in staff meetings and in a letter to employees. Radio station KMOX reports the salary cuts will take effect Oct. 26.

Raven said the value of the Garden's endowment fund has dropped from $90 million to $60 million, resulting in a budget shortfall of $1.5 million for the 2010 budget year.

Raven did not say whether salaries would be raised back to current levels if the markets improve and the endowment fund returns to normal levels.