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January 14, 2008

USM to balance budget with loan, layoffs

The University of Southern Maine said this morning it will borrow $8.2 million from the University of Maine System and eliminate 90 positions in an effort to balance its $110 million annual budget.

The plan, presented this morning to UMS trustees, calls for USM to trim at least $2 million from its budget through fiscal year 2010 by cutting positions and reducing travel expenses and equipment purchases, according to a press release. USM will also make investments in "marketing and related areas" to build up the university's revenue stream, the press release says. The university will pay back the loan between the 2010 and 2014 fiscal years.

More details about layoffs and program reorganizations will be announced later this winter and spring.

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