This is the 3607th most frequent Russian word.
сократить
To reduce, shorten, or cut down.
In this sentence, 'сократить' is used to mean 'to reduce' or 'to cut down', referring to decreasing the amount of money spent.
Компания решила сократить расходы на рекламу.
The company decided to cut expenses on advertising.
Here, 'сократить' conveys the idea of reducing the number of employees or positions, commonly used in organizational contexts for layoffs.
На заводе сократят несколько рабочих мест.
Several job positions at the factory will be downsized.
In this usage, 'сократить' refers to shortening a duration of time allocated for the meeting.