More than 130 employees have chosen to leave Dundee University through its voluntary severance scheme.
The job losses will help save millions from the pay bill, but management have made it clear they will have to keep a close eye on their finances in the months ahead.
The scheme was announced in the autumn as the university said it needed to cut almost 200 posts as part of its long-term strategic review.
A university spokesman has confirmed that to date 132 applications have been approved. Many of these are part-time staff and the cuts are the equivalent of 88 full-time posts.
He added, “We have identified £7.1 million in projected savings for the next academic year, 2011/12, rising to £8.7 million by 2013/14.
“These projections include retirements, withdrawn vacancies and savings in non-staff budgets, as well as those accruing as a result of the voluntary severance scheme.
“These projected savings are close to the targets identified in the university’s strategic review, and will help the university to deal with the significant funding reduction it faces next year.
“The outlook for higher education funding remains uncertain, however, and we must be aware of possible further challenges ahead.”
Dundee, along with all other Scottish universities, is facing a 10.9% cut in its teaching grant from the Scottish Funding Council for 2011/12.
The UCU, the union that represents academic staff, has stated its opposition to compulsory redundancies a move which has not been ruled out by management but would be implemented only as a last resort.
The most recent financial data shows the university made a surplus of £3.3 million in 2009/10, up from just £0.6 million in the previous year.
Income rose by 5% during the year to £219 million, helped by a 22% jump in tuition fees paid by non-European Union students, with research income up by 9%. However, staff costs rose by 6%.