University system cuts while reserve fund grows to $177 million

Source: bangordailynews Posted By: Nishel R...4260 days ago

Four years ago, when the University of Maine System was cutting programs to save money, officials were criticized for not instead making up the shortfall by taking money from system reserves.

At the time, officials said they needed all $88 million in the reserve account as a contingency for the unexpected and other expenses.

Now the system says it is again under financial pressure — Gov. Paul LePage’s budget proposal for the two years starting July 1 calls for no funding increase for the university....

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