The phrase "significant cutbacks" means making substantial reductions or decreases in something, like spending money, resources, or activities. Full definition
We have also seen very significant cutbacks in personnel in local high tech companies. (educationworld.com)
The American Library Association Conference is wrapping up in New Orleans and the unilateral consensus is that libraries all over North America are seeing significant cutbacks in their funding. (goodereader.com)
He's also made significant cutbacks in his personal compensation — mainly by scaling back on bonuses — to keep more cash in the company's coffers. (inc.com)