(MCT) — CHICAGO — Budget cuts announced Wednesday by the Archdiocese of Chicago signal that the area’s Roman Catholics are entering a period of austerity where there will be less money for their parishes and schools.

The cuts, which were officially announced as Cardinal Francis George and other leaders of the church gathered at the Vatican to select a new pope, range from closing five schools, eliminating 75 positions at the archdiocese’s headquarters to placing a moratorium on loans to parishes from the archdiocese bank for three years. Other changes include creating stricter guidelines for local parishes applying for subsidies and reducing the number of the agencies in the archdiocese.