Thursday, July 30, 2015

UMaine System facing $16 million operating loss - NOEL K. GALLAGHER, Press Herald

The University of Maine System faces a $16 million operating loss for the $519 million budget year that ended in June, largely because of $11 million in new retirement and severance costs, the system’s top financial officer told the board of trustees Monday. Until the end of the school year, system officials didn’t know how many employees would retire and take advantage of special retirement incentives, said Rebecca Wyke, the vice chancellor for finance and administration. The system also saw a year-end $3.5 million loss in one of its investment funds. The system will balance the budget by taking additional funds from a budget stabilization fund, some campus reserves and drawing down the system’s insurance benefit pool.

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