UMaine System panel OKs budget with shortfall
The University of Maine System’s financial committee unanimously approved a proposed budget for fiscal year 2015 that will only cover a portion of its $36 million shortfall.
The system’s Board of Trustees will consider final approval of the budget during its May 18-19 meeting.
The Bangor Daily News reported that the spending plan for the system’s seven campuses only addresses $22.7 million of its budget shortfall, pushing off the other $13.3 million for another year.
If the system’s revenue doesn’t change in the next year, it will need to eliminate another $26.4 million for fiscal year 2016.
“As bad as [FY2015] was, [FY2016] is going to be worse,” Rebecca Wyke, the system’s vice chancellor for administration and finance, told the committee on Monday.
Sam Collins, one of the board’s trustees, said he hopes the campuses will be able to attract more students next year to narrow the budget gap. Other trustees and college administrators spoke about the need for greater collaboration between campuses to decrease costs.
The spending package includes a proposal to use $10 million of the system’s reserves to help University of Maine, UMaine Machias, UMaine Fort Kent and the University of Southern Maine with balancing their budgets. USM will receive $7 million of that reserve.
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