July 21, 2015
UMaine System projects $16M shortfall
The cost of severance and retirement has contributed to a projected $16 million shortfall in the University of Maine System’s budget for the fiscal year that just ended.
The Bangor Daily News reported that UMaine System officials expect severance and retirement to account for about $11 million of total operating losses. The expenses stem from staff reductions that were made across the system’s campuses in the past year.
The newspaper said the UMaine System was planning to balance last year’s budget with roughly $11.6 million in emergency funds, money from other reserves and the elimination of more than 150 staff positions.
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