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business23h ago
University of Maine asks departments to cut 7% to address projected budget shortfall
- UMaine to cut 7% across departments to cover an $18 million shortfall next year.
- UMaine plans draft reduction proposals due by December 19 under the system-wide effort.
- Projected revenues are $274 million while expenses exceed $293 million next year.
- Deferred maintenance totals exceed $1 billion at UMaine's historic campus in Orono.
- The system previously enacted hiring freezes and vacancy management to manage costs.
- UMaine will hold public sessions as part of a ‘strategic re-envisioning’ process before trustees vote.
- UMaine aims to stabilize finances through structural solutions and strategic planning.
- UMaine is increasing recruitment in Massachusetts and Florida to offset enrollment declines.
- The UMaine System oversees state public universities and will vote on the budget in the spring.
- The university cites inflation and increased debt as drivers of the deficit.
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