- Associated Press - Tuesday, July 21, 2015

BANGOR, Maine (AP) - The University of Maine System is facing a $16 million operating loss for the budget year that just ended because of $11 million in new retirement and severance costs.

The seven-campus system also saw a $3.5 million loss in one of its investment funds.

The Portland Press Herald (https://bit.ly/1Sz4WV8 ) reports that the $519 million budget year that ended in June already included using $11.4 million in emergency funds and cutting 157 positions.

Rebecca Wyke, vice chancellor for finance and administration, says system officials didn’t know how many employees would retire and take advantage of special retirement incentives until the end of the school year.

Wyke says the system will balance the budget by drawing from a budget stabilization fund, some campus reserves and drawing down the system’s insurance benefit pool.

___

Information from: Portland Press Herald, https://www.pressherald.com


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide