University of Maine System trustees OK $529 million budget, spend most of reserve funds - Nick McCrea, Bangor Daily News, Maine

The University of Maine System Board of Trustees passed a $529 million budget on Monday that dips into rainy day funds and eliminates more than 150 positions in an effort to close a $36 million shortfall. The trustees' financial committee recommended approval of the budget during a meeting earlier this month. The full board backed the budget during the second day of its two-day meeting at the system offices in Bangor. "It's not an ideal budget. It's not the budget we'd like to see," trustee Norman Fournier, who chaired the committee, said before the vote. "But it's a transition budget" and the "best budget we could put forward this year." http://www.hispanicbusiness.com/2014/5/19/university_of_maine_system_trustees_ok.htm