New York’s Metropolitan Museum of Art has delayed plans to redevelop its southwest wing by as long as seven years, as the famous institution aims to get its finances in order.

Deficits have led the museum to cut US$31m (€29.1m, £25.4m) from its annual operating budget, something it has achieved with voluntary buyouts and layoffs, also increasing retail revenue in its stores.

With the museum trying to balance its books by 2020, the US$600m (€563.4m, £492.4m) plans to develop the southwest wing have been pushed back, meaning they won’t be completed in time for the institution's 150th anniversary. Money will be spent on development however, with the Met prioritising replacing the skylights and roofing system above the European paintings galleries – with work to start in 2018 and be completed by 2022.

The wing, which houses the Met’s collection of modern and contemporary art, will eventually be gutted and redeveloped by David Chipperfield, with plans to move temporarily into the former Whitney Museum – now the Met Breuer.

In addition to more gallery space, the redevelopment could double the size of the Met's famous Roof Garden and create a new entrance from Central Park.

The project could also create more on-site storage and and an overhaul of a number of the museum's spaces , including Arts of Africa, Oceania, and the Americas gallery.