UMaine System reports $3 million budget shortfall
PORTLAND, Maine (AP) — The University of Maine System says it is facing a $3 million budget shortfall despite a tuition increase and an increase in state funding.
The Portland Press Herald reports documents show staff is recommending the system dip into campus reserves at UMaine Augusta, UMaine Machias and the law school in Portland, as well as using system reserves, to cover the shortfall.
System Chief Financial Officer Ryan Low says the budget is overall about where they expected as the system works to recover from financial shortfalls.
He says he is seeing “lots of positive signs.”
The system’s board of trustees is scheduled to vote on a proposed $573 million budget in May, which is a 3.8 percent increase from the current $552 million budget.
Information from: Portland Press Herald, http://www.pressherald.com