UMS Board of Trustees reduces 2021 operating expenses by $9.1 million
The schools listed consistent revenue losses related to a decrease in dining and residence hall occupancy.
ORONO, Maine (WABI) - The University of Maine System approved a revision to their 2021 operating budget that reduces expenses by just over nine million dollars.
The new budget for next year is now $550 million, a decrease from the proposal in June.
The budget still does not increase tuition related to COVID-19.
The Board of Trustees instead plan to cut travel costs, personnel, and supplies and services.
They also agreed to used approximately $10 million in campus reserves and budget stabilization funds to make up for other losses.
The UMaine system did receive $15 million in CARES Act funding to assist with emergency aid to students.
Vice Chancellor for Finance and Administration Ryan Low says it wasn’t enough.
“Fiscal year 20 and 21 have been without precedent," Low said. "The pandemic has created budget challenges at Universities and colleges across the country and certainly UMS has been no exception to that. We were incredibly grateful for the support we received through the CARES Act, for most of our campuses it was not nearly enough to offset FY20 losses in revenue for COVID related expenses.”
The schools in the UMaine System listed consistent revenue losses related to a decrease in dining and residence hall occupancy.
The trustees say they remain optimistic about the temporary adjustments as student enrollment is only down less than one percent compared to last year.
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