SLIPPERY ROCK — At this time last year, finances at Slippery Rock University looked pretty scary.

The university was projected to have a $5.2 million deficit in its $114.5 million budget for the 2013-14 fiscal year.

However, President Cheryl Norton said Thursday that SRU finished the 2013-14 fiscal year $262,135 in the black.

“I’m so happy last year is in the rearview mirror,” Norton told nearly 200 people at her State of the University Address.

Norton said that no reserves were used to fund operations, but some were used for health and safety maintenance.

She said the university turned around its finances by increasing online programs, increasing enrollment and lowering personnel costs through attrition.

At this time last year, Norton was predicting a $10.1 million deficit for the 2014-15 fiscal year.

However, she now predicts that SRU will increase revenue by $5.2 million and decrease expenditures by $4.9 million, eliminating the deficit. The budget has not been finalized, and SRU’s trustees will approve it later.

She said as long as retirements are as predicted SRU will have a balanced budget with no layoffs and no retrenchment letters. Six faculty positions were modified and another faculty member apparently voluntarily ended her employment.

“Job well done, but job not over,” Norton said.