Sunday, November 29, 2015

University of Maine System had $18 million operating loss in last fiscal year - NOEL K. GALLAGHER, Portland Press Herald

Officials blame rocky financial markets and severance costs after staffing cuts; trustees approve a conceptual plan for a center for online learning. Rocky financial markets and severance costs associated with making deep staffing cuts were major factors in the University of Maine System’s $18 million operating loss in its $524 million budget for the fiscal year that ended in June, officials said Monday. Last year, the system cut 157 positions across the seven campuses. Those cuts saved about $12 million in compensation costs, but the system had to pay out about $11 million in new retirement and severance costs. At the same time, tuition revenue was down after a 3.3 percent decrease in enrollment.

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