Hosted by President Joan Ferrini-Mundy and Vice President Jenny Boyden

Monday, November 2, 2026  |  2 – 3:15 p.m.
Wells Conference Center, Room #1

Please join President Ferrini-Mundy, Vice President Boyden and members of the 91¸£Àû leadership team for a special session related to the development of the university’s FY28 budget. This will be a forum for questions and answers in addition to brief presentations related to common questions the administration has received. In advance of the session, we ask that attendees review the recent budget messages (Sept. 17, Oct. 21) and review content from

For more information, please contact Taylor Defa at taylor.defa@maine.edu.

We want you to know that we see and appreciate all that you are doing to put our learners first and to work together to address the budget challenges as we plan for the University of Maine’s strong, sustainable future. Thank you to all who came to the Presidential Town Hall. You can access the full presentation here. The recent “Enrollment 101â€� session led by Vice President Kevin Coughlin, the Enrollment Management team, and Associate Provost Debra Allen will soon be posted on the Provost Office website.Ìı

As reinforced at these public events, through our ongoing engagement with the Faculty Senate and other valued campus groups, and in our recent letter, 91¸£Àû leaders are deeply committed to continued transparency and collaboration, including as it relates to the development of the FY28 budget. This letter continues our effort to share information with members of our university community and the public as it becomes available.Ìı

As we draw on priorities and ideas generated through the Strategic Re-Envisioning (SRE), we are also developing increasingly refined enrollment projections, improved clarity about the changing federal funding and policy environment, and other factors that will affect our budget in FY28 and beyond. We should note that assumptions about compensation, tuition, University of Maine System (UMS) shared services costs, and state appropriation are all beyond our direct control and subject to change, which impacts our planning.

91¸£Àû is not alone in facing challenges. Universities across the nation are confronting unprecedented budget deficits resulting from the same factors. Those include declining enrollment, federal funding and policy uncertainty, pressure on state budgets, and rising operating costs. Those universities are also considering, or have already taken, similar measures to raise revenue and reduce expenses, including layoffs and retrenchments. 

As we informed you in September, Academic Affairs, which represents approximately half of 91¸£Àû’s budget, has committed to reducing its FY28 base expenses by $10M. All other units understand that resolving the additional $9M shortfall falls to them. Here we summarize how the other major areas of the university, as represented by the Cabinet leaders below, have committed to make reductions to their base budgets. In those non-academic areas as well, workforce reductions will unfortunately be necessary to more closely align the university’s expenses with revenue on an ongoing and permanent basis. The adverse impact of such actions on our students and the wider community will be mitigated to the fullest extent possible, with sensitivity to the impact on affected employees and their colleagues and full adherence to all collective bargaining agreements (CBAs).Ìı

Expense reduction in non-academic units

Multiple approaches to expenditure reduction have been identified and will be implemented. In addition to layoffs, some approaches are common to all Cabinet areas: decrease in reliance on external vendors; elimination of some vacant positions; funding certain positions with external funds rather than E&G; centralization of some functions for greater efficiency; reduction of some forms of additional compensation; use of one-time non-E&G reserves; sunsetting of non-critical functions, and automation of tasks to streamline essential, time-consuming, manual functions. 

Other approaches are only suitable to particular units given their functions and existing CBAs, including: modification of the length of some annual appointments; control of overtime expense; consolidation and realignment of units; pursuit of new external sponsorships and licensing revenues; facilities usage fees for external clients; facility use optimization; fee increases; and sale of real property and other monetizable assets. As these approaches are examined and implemented, the university remains committed to close consultation and procedural and policy compliance with appropriate groups, ranging from our bargaining units to the UMS Board of Trustees.   Here are examples of what units may implement, in accordance with CBAs:

• Athletics: Modification of the length of some annual appointments and not filling select vacated positions.
• Student Life: Modification of the length of some annual appointments and elimination of some vacant positions.
• Research: Consolidation of centers/institutes.
• Strategic Partnerships, Resources, Innovation and Engagement: Elimination of some vacant positions, covering more expenses with external revenue, and reduction in the use of external contracts.
• Finance and Administration & Facilities Management: Combination of units and greater control of overtime expenses.
• President’s Office (Including Marketing & Communications and Cultural Affairs units): Reductions in operational expenses, limited use of external contracts, modification of the length of some annual appointments, and not filling select vacant positions. 

Revenue generation in non-academic units

While striving to decrease the size of the deficit through ongoing reductions to the base budget such as those noted above, the use of one-time funds is inevitable again in FY28. As always, we are exploring ways to generate new reliable revenue. For example, an expanded agreement with our existing partner Sodexo will support increased events and conferences throughout the year, including in the summer months. Additionally, each of the units listed above is expected to find a 1% revenue increase. As a result, the university has modestly budgeted for $1M in increased recurring base revenue beginning in FY28. 

Taken together, we anticipate that the expenditure reduction measures enumerated above and new sources of revenue will account for about $6M of the $9M shortfall in non-Academic Affairs areas. Assuming these targets are met, the remaining $3M gap will present a challenge and closing this will be the Cabinet’s main focus over the coming weeks. 

We remain committed to providing an outstanding learner-centered experience, to establishing new fundraising initiatives with incoming leadership at the 91¸£Àû Foundation, and to ensuring our capacity to be competitive for external research funding while meeting changing compliance requirements coming from the federal government.  

Thank you for your continued constructive ideas as we develop the FY28 budget to present to the System in January, and for all that you do to advance our students, our state, and the important mission of the University of Maine and its regional campus in Machias.

Sincerely,

Joan Ferrini-Mundy, President 
University of Maine and University of Maine at Machias 

Gabriel Paquette, Executive Vice President for Academic Affairs and Provost

Jenny Boyden, Vice President for Finance and Administration & Chief Business Officer

Andrea Gifford, Dean of Students

Giovanna Guidoboni, Vice President for Research

Jude Killy, Vice President and Director of Athletics

Nicole Lawrence, Vice President for Human Resources

Jake Ward, Vice President of Strategic Partnerships, Resources, Innovation and Engagement

Thank you for your hard work and continued dedication to our students and university as we begin the new academic year.

Consistent with our commitment to more frequent and detailed communication, we write today with an important update about our Strategic Re-Envisioning (SRE) initiative and the development of the FY28 budget.Ìı

As you know, SRE was launched in 2024 to develop shared priorities for the future of our flagship university during an increasingly turbulent period for U.S. higher education. We are grateful to the hundreds of individuals who participated in SRE. Consensus emerged around the vision of 91¸£Àû as a learner-centered, R1 university. In the coming weeks, we will share the summative SRE concept paper. In the meantime, for current progress and updates, please visit the SRE website.Ìı

In January 2027, 91¸£Àû will submit a draft FY28 budget to the University of Maine System (UMS),Ìıinformed by the priorities we developed together through SRE, our future enrollment expectations, the realities of the rapidly changing federal funding and policy landscape, and numerous other factors — some of which are not in our control. Over the subsequent months, the draft budget will be reviewed, revised, and ultimately approved by the Board of Trustees. For this reason, the September through December period requires our intensive work to develop the budget proposal.Ìı

Our operating costs have increased at a faster rate than both our State appropriation and tuition. Due to demographic and other enrollment pressures, tuition revenue has been flat or down. Recent federal changes have affected research funding, financial aid, and learner access to our institution, particularly among international students. We have stepped up efforts to address decades of deferred maintenance, which is crucial for student and employee recruitment, retention, and success. As a result, we face a significant and growing structural gap. As we shared in the April 2026 , in FY28, that gap, based on current assumptions about revenue and expenses, will grow to $19M unless changes are made.

We acknowledge that you have heard some of this before, including last year. Here is why the FY28 budget process must be different: our E&G reserves have dwindled, college/unit operating budgets have been reduced dramatically, and the use of one-time funds and savings has been maximized so we could minimize the impact on personnel and positions. Our university has done outstanding, difficult work to make reductions and reorganize for efficiency, and we recognize that comes at a cost. Progress has been made, but we must continue to seek permanent, structural solutions both by increasing revenues and reducing expenditures.

Over the past few months and drawing on SRE recommendations and widely vetted data, 91¸£Àû leadership developed informed projections about future enrollment, modeled impacts of the changing federal landscape, studied creative options for revenue generation and monetization of assets, and reviewed contracts and sponsorship arrangements.Ìı

After considering a multitude of approaches and solutions, we have concluded that strategic staff layoffs and faculty retrenchments will be necessary to reduce the university’s expenses on an ongoing basis. We recognize that such personnel actions are painful for those directly impacted and for the overall morale of our entire university community. Until now, 91¸£Àû has largely managed to avoid employee reductions, despite deep and widespread budget cuts by peer universities across the country. Each cabinet member and director has examined their own area to identify potential realignments, personnel changes, and ideas for new initiatives that will reduce expenses and generate revenue. Please know that everything that can be done to minimize the number and adverse impacts of layoffs and retrenchments will be pursued aggressively in the coming months as we plan for FY28 and beyond.

Informed by the Provost’s Office and Deans, Academic Affairs, which represents approximately half of 91¸£Àû’s budget, has committed to reducing FY28 base expenses by $10M, resolving about half of the total university shortfall.

The Academic Affairs portion of the FY28 budget proposal will permanently eliminate about one fifth of vacant positions, decrease overload teaching and other instructional budgets, consolidate sections, and reduce some types of additional compensation, collectively resulting in a base savings of about $2.1M. Over the longer term, additional measures may include increasing seat caps in courses, reducing discretionary course releases, and closing underenrolled programs.Ìı

On the revenue generation side, Academic Affairs will assume responsibility for bolstering enrollment by 1% above current headcount projections in each of the following key categories: the Fall 2027 first-year class, transfer students, tuition-paying graduate learners, and adult degree completers. In addition, undergraduate retention across all years will be improved by 1%. We estimate that meeting these targets, which are modest and realistic and for which we are developing specific strategies, would yield $2.2M for our base budget, recurring annually.

The remaining $5.7M gap could be partially closed by changing the assumptions embedded in short-term measures mentioned above. For example, the elimination of vacant positions by 40% instead of the planned 20% could yield a further $1.5M in savings. Making such changes would require further analysis about feasibility and unintended consequences.

If key assumptions are not ultimately adjusted, and if new options do not materialize, resolving the remaining $5.7M Academic Affairs deficit will inevitably require faculty retrenchments and staff layoffs, going beyond what standard attrition (e.g., retirements and voluntary departures) could address.

At the same time, we recognize that some areas of the university are under-resourced, including in academic areas with growth potential, as demonstrated by student and workforce demand and enrollment management data. If we were able to increase capacity and enroll more students in those programs, our revenue would increase sharply. We plan for targeted hiring in those prioritized areas to enable that enrollment growth.

Similarly, data assembled as part of SRE starkly revealed that some academic areas are understaffed currently, even without a growth plan. This burdens faculty (e.g., significant advising loads), necessitates overloads and other instructional investment, and negatively impacts morale. We hope to address this by hiring full-time faculty, particularly lecturers on 10.5-month contracts, in areas of acute need to increase capacity.

We understand that the necessary actions we have overviewed here willÌıcause concern and anxiety. The Provost’s Office, in partnership with the Deans, will communicate information and concrete plans as they become definite, seeking input as appropriate and consistent with our commitment to shared governance. Additional proposed actions are under development by all other cabinet members and will be communicated in the coming weeks. We will also hold a Budget Town Hall in October.

Please know we continue to explore every avenue to reduce expenditures while minimizing the impact on our employees, core programs, and ultimately, our students and ability to fulfill our mission for them and Maine. This includes, but is not limited to, continuing to partner closely with UMS and State leaders, as well as the University of Maine Foundation, to ensure a clear understanding of our budgetary needs and unique responsibilities as Maine’s flagship university, and to identify opportunities for increased support.

We must all work together to lead 91¸£Àû into an era of budgetary stability, sustainability, and ultimately, institutional strength. As we do so, our primary commitment remains steadfast: as we actively recruit new learners to 91¸£Àû and retain Black Bears already here, we must assure them they can count on an outstanding learner-centered, R1 experience from their first day through graduation and into their careers and civic life.

Sincerely,

Joan Ferrini-Mundy, President

Gabriel Paquette, Executive Vice President for Academic Affairs and Provost

As we begin FY27, I want to take a moment to thank everyone across the University of Maine and University of Maine at Machias for the extraordinary effort that went into closing the FY26 budget and developing a balanced FY27 budget.

We were able to close FY26 without using unbudgeted reserves. That is an important accomplishment, but it was not easy. It required difficult decisions, additional work, and a willingness across our university to find ways to reduce expenses and increase revenue. Departments shifted additional expenses, as appropriate, to gift funds. Auxiliary Enterprises provided support for additional costs within events and hospitality and stepped up to cover 50% of the cost of the Black Bear Orono Express — . All units worked to manage hiring and, based on feedback from both Faculty Senate and the Administrative Excellence Committee, made improvements to appropriately streamline the critical hire process. Each of these actions is helping us navigate the ongoing financial challenges that our university faces.

I recognize that many of these decisions came with real effort. I am sincerely grateful for the flexibility, creativity, stewardship, and partnership demonstrated by so many faculty and staff. This was a collective effort.

The FY27 budget reflects that same commitment. The budget approved by the UMS Board of Trustees and now in effect enables us to move forward with meaningful investments in our employees,students, and infrastructure, including funding for increased compensation and benefits and for making progress toward addressing deferred maintenance. At the same time, we must acknowledge that it relies on one-time resources and vacancy and attrition savings that were necessary as we continue developing longer-term solutions, including the FY28 budget development now underway. Our continued focus on student success and retention, research and revenue growth, and ideas coming from our Strategic Re-envisioning initiative gives us a strong foundation for that work, which began this summer with the President’s Cabinet and will soon expand university-wide with the rollout of a budget timeline and opportunities for your participation. A budget town hall will be held later in the fall.

Thank you again for everything you have done—and continue to do—to support our students, our colleagues, and the future of the University of Maine and University of Maine at Machias. Sincerely,

Jenny Boyden,
Vice President for Finance and Administration & Chief Business Officer
University of Maine and University of Maine at Machias

Yesterday I was joined by my leadership team in presenting 91¸£Àû’s FY27 budget proposal to System leaders, including Chancellor Dannel Malloy, Vice Chancellor for Finance & Strategic AI Integration Ryan Low, Board Chair Trish Riley, and Finance, Facilities & Technology (FFT) Committee Chair Roger Katz. 

As you may recall, when the university issuedÌıÌıin early December, we projected a structural deficit of nearly $18 million. To close that gap,Ìıwe asked all colleges/units, including administrative and executive offices, to develop proposals reducing their E&GÌıexpenses by 7%Ìıin the coming fiscal year, which we acknowledged would require difficult choices.Ìı

I want to sincerely thank college/unit leaders, their teams, and my Cabinet for their outstanding work over the last three months that enabled us to present the System with the balanced budget required for our university. While our full proposal will be made public next week, consistent with the System’s long-standing budget process, I wanted to provide you with an overview of our strategic approach to closing this gap while serving our students and state and maintaining our workforce as Maine’s land, sea, and space grant, R1, and D1 institution:

• $5.6 million in ongoing reductions to college/unit operating budgets. Notably, we are achieving these savings without faculty retrenchments and with fewer than 10 staff layoffs. This approach is in contrast to across the country. It reflects 91¸£Àû’s unwavering commitment to our faculty and staff — including our graduate student workers — who make our excellence and impact possible. 
• $5.7 million through one-time solutions, including through attrition and benefit savings, and utilization of gift/grant funding. We recognize the challenges of retirements and some positions going unfilled, including a minimal loss of credit hours, though this proposed attrition level is consistent with FY26. While the number of full-time administrators has declined by 23% over the past five years, the total number of regular full-time employees at 91¸£Àû and our regional campus in Machias has decreased by just 0.7%, . 
• $2.3 million in additional State appropriations, with tremendous thanks to the System for this additional allocation and the Legislature and Governor for their strong support of our university.
• Strategic one-time use of reserves, as we have relied upon since FY22.

On the revenue side, it is important that you know our budget proposal reflects a projected 2.6% decrease in credit hours relative to FY26 actuals, though there is a real opportunity in the coming months to grow enrollment and enhance retention. Currently, matriculations for Fall 2026 are up 9% over last year at this time, and as I shared during my State of the University address last week,  to 91¸£Àû and 91¸£Àû Machias but have not yet confirmed their intent to enroll in New England’s most affordable flagship. Our collective actions during the critical enrollment period between now and May 1 â€” including our promising recruitment efforts and the positive stories we share about the university — will help build on the historic level of capital improvements and academic and research innovations already underway to attract new learners for the incoming fall class and ensure our long-term financial health. 

Our budget proposal is a statement of our priorities. It is informed by your thoughtful contributions to our ongoing Strategic Re-Envisioning, our commitment to the success of our students and state as Maine’s engine of educational attainment and economic mobility, and our responsibility to effectively steward our limited public resources. I am pleased with how our FY27 submission was received by System leaders, including their pointed questions and constructive ideas, and grateful for their confidence in me, my Cabinet, and our university. 

Transparent budget process

In the coming months, there will be multiple opportunities for faculty, staff, and students to review and ask questions about our FY27 budget proposal before it is finalized and adopted by the Trustees in late May. These include, but are not limited to:

• Monday, March 9 — Research Funding Forum (Recording and materials will be posted here later this week)
• Tuesday, March 17 — Materials for March 25 FFT Committee Meeting publicly released ()
• Monday, March 23 at 1 p.m. — 91¸£Àû Budget Town Hall (Wells Conference Center and livestream) with follow-up Machias-specific Town Hall on March 25 at 11 a.m. led by Dean Walsh (Torrey 232)
• Wednesday, March 25 at 9 a.m. — FTT Committee Meeting to review FY27 budget proposals ()
• Wednesday, April 15 at 9 a.m. — FFT Committee FY27 budget workshop ()
• Wednesday, April 29 at 9 a.m.  — FFT Committee FY27 budget vote ()
• Monday, May 18 — BOT Meeting: Public comment session, final FY27 budget review and approval (UMFK and )

Now that our FY27 budget proposal has been presented to the System, I look forward to permanently filling the Vice President for Finance & Administration and Chief Business Officer position, which will be posted later this week for internal candidates.

With regional demographic pressures, the rapidly changing federal landscape, and rising costs we cannot control, the FY27 budget development was the most difficult since I joined 91¸£Àû and 91¸£Àû Machias as President in 2018. Thanks to record levels of public, private, and philanthropic investment that recognize 91¸£Àû’s leadership and the importance of our high-quality, high-value education and world-class research; the imaginative, interdisciplinary ideas that have emerged from our re-envisioning work; and the dedication of a trusted and deeply committed Cabinet, I am proud of the FY27 proposal we presented today. I am confident it positions our university to build on our momentum and continue moving Maine forward.

The closing thought I shared with System leaders yesterday is the same one I share with you now: this FY27 budget proposal is not simply a financial plan — it is a promise. It reflects our shared commitment as Maine’s flagship university to serve the people of this state — including our more than 10,000 students and 2,200 regular employees — and well beyond with excellence, innovation, and integrity.

Together, we are shaping a university that is stronger, more collaborative, and more impactful for the students and communities we serve. Thank you for your partnership in this important work.

Sincerely,
Joan Ferrini-Mundy, President

University of Maine and University of Maine at Machias

Thank you all for your continued commitment to our students and the excellent work you do to advance our mission as a learner-centered R1 institution.

Our budget proposal for FY27 will be presented publicly to the UMS Board of Trustees on March 25. In the past weeks, 91¸£Àû leadership has received questions from faculty, staff, and students about what this proposed budget will mean for their programs. Consistent with our commitment to transparency, I would like to announce two upcoming venues to discuss budget planning, implementation, and the changing funding landscape.

Research Funding Panel Forum

Date: Monday, March 9

Time: 1-2 p.m.

Location: Wells Conference Center, Room 1

Virtual option: 

This panel forum and Q&A is designed for researchers and PIs, but open to all. Specifically, we plan to overview the current state of federal research funding, recent federal policy updates, and new federal initiatives, such as the Genesis Mission. We will also discuss state and Foundation funding for research, 91¸£Àû F&A distributions, and other available research support. Panel participants will include myself, Gabriel Paquette from the Office of the Provost, Giovanna Guidoboni from the Office of the Vice President for Research, and Jenny Boyden from the Office of Finance and Administration. 

Budget Town Hall

Date: Monday, March 23

Time: 1-2:30 p.m.

Location: Wells Conference Center, Rooms 1 and 2

All members of the 91¸£Àû community are encouraged to attend to learn about the FY27 budget proposal submitted to the System. There will be time allotted for your questions.  Please look for additional communication from us in the coming days with further details about how to participate.

I look forward to seeing you at these events.

Sincerely,

Joan Ferrini-Mundy,ÌıPresident
University of Maine and University of Maine at Machias

We begin by affirming the essential mission of 91¸£Àû, which is to offer high-quality, high-value learning experiences to our students.

At our October Presidential Town Hall, we were candid about the fiscal challenges we face that will require our FY27 budget process to be inclusive, innovative, and carefully focused on our strengths and strategic priorities as a learner-centered R1 university.

Over the last five years, 91¸£Àû has secured record levels of state and federal, private, and philanthropic investment — much of it for specific, one-time purposes — that reflect well-deserved recognition of your excellence and the university’s importance to the success of Maine and the nation. We have launched relevant academic programs that are attracting new learners and advancing their economic mobility and the state’s workforce. Our research performance and productivity have earned 91¸£Àû R1 Carnegie Classification and are providing needed solutions to our world. And we have made long-overdue infrastructure improvements that are enhancing student life and learning. 

Despite this progress that has positioned 91¸£Àû as a premier destination for education, research, and employment, as we shared at the fall town hall, our initial budget projections for FY27 show a significant shortfall that must be addressed through long-term, structural solutions that include strategic expense reductions, revenue generation, and new efficiencies. Driving this projected deficit is our commitment to maintaining tuition affordability consistent with our public mission; external pressures like federal changes, inflation, and demographics; costs of contractual obligations, especially benefits; and increased debt service as we responsibly tackle decades of deferred maintenance. 

Instructions for developing draft FY27 budgets were distributed last week and included a target for all colleges/units, including administration and athletics, to reduce E&G expenses by 7%. This is the amount needed to close the nearly $18 million gap we currently project so that 91¸£Àû can present a balanced budget proposal to the System in February. You may notice this shortfall is $2 million less than stated at the town hall, as leadership has already identified new revenues and expense reductions, including transferring additional scholarship funding from the 91¸£Àû Foundation and charging the System more for endowment management. 

We know that meeting this target will require difficult decisions. All options to balance our budget must be considered, including retrenchments and layoffs, as we have already seen at so many of our peer institutions across the country in recent years. 

We are committed to moving forward transparently, while

• guided by our unique responsibilities to our students and the state as Maine’s premier R1, D1, land, sea and space grant university;
• informed by data and our ongoing Strategic Re-Envisioning priorities;Ìı
• adhering to the expectations of shared governance and collective bargaining agreements; and
• minimizing negative impacts to our students and ability to fulfill our mission.

As part of our commitment to transparency and to ensure we are moving forward together from a place of mutual understanding, now that college/unit leaders have had time to review the FY27 budget development memo, we wanted to also share it with you (attached). 

Hard and strategic work is underway across the university. We thank the Cabinet, Deans, Directors, Unit Leaders, and their teams who are collaborating and contributing creative ideas to inform the draft budget proposals that must be submitted to the finance office by Dec. 19. 

Our financial challenges are real, and many are beyond our direct control. But they do not define our tomorrow. All of us have an essential role in strengthening 91¸£Àû and stabilizing its finances for the future. 

Student tuition and fees account for the largest single share of our revenue (46%), making enrollment our largest lever to grow revenue and reduce our structural deficit. While the demographics in our region are daunting, we can all do our part to recruit and retain more students. The academic innovation, world-class research learning, winning athletic teams, ongoing capital improvements, and student success and career pathway initiatives that you directly support through your public service are our best opportunity to increase enrollment beyond current projections. 

Thank you for your dedication, creativity, and stewardship of the resources we have to ensure the success and long-term sustainability of 91¸£Àû, the state’s learner-centered R1 university. 

Sincerely,

Joan Ferrini-Mundy
President

Jenny Boyden
Interim Vice President for Finance and Administration & Chief Business Officer
University of Maine and University of Maine at Machias

Attachment: 

I want to take this opportunity to thank the many members of our 91¸£Àû and 91¸£Àû Machias departments, programs and units who have developed FY24 budget proposals in recent weeks, with particular focus on cost-saving efficiencies and creative revenue-generating ideas. These proposals call on us to be resourceful and innovative to ensure we are fulfilling our student-centered focus and institutional mission. We also must maintain and advance the strong research enterprise that you all have built, for the good of our students, our state and beyond. The work we do now to address our fiscal realities will form the foundation of financial sustainability at the state’s flagship university and our regional campus in Machias going forward.

We will do this important work together as university community members, just as we are doing now in our campuswide student recruitment and retention efforts. As I noted in my State of the University Address, we are already enacting new ways of accomplishing what is most critical to us. Thank you all for what you have already done in FY23 to find efficiencies. Planning for FY24 has been undertaken with the recognition that the shortfall we faced in FY23 will continue and could grow.

We have submitted a balanced budget for FY24 to the Board of Trustees, relying on use of reserves, heightened efforts to achieve efficiencies and savings in operations, and anticipated changes in practices and policies for cost-savings. This will not be an easy process and will require difficult choices, prioritizing key areas and needs as we proceed. We will continue to work closely with deans and directors to make strategic decisions for filling vacant positions in high-demand and critical areas that arise because of faculty and staff retirements and departures.

We already have processes in place to optimize our management and deployment of financial aid, and to review funds that may be available in non-E&G accounts. We will draw carefully on the well-established reserve accounts that are in place because of the careful stewardship of those before us. Our goal is to achieve balance and minimize reserve use by FY26.

It is paramount that we identify new revenue growth opportunities. Everyone can play their part by finding efficiencies; bringing in external funding and spending it so that the indirect returns come back to us; and continue doing the very best possible job that we can do in and outside the classroom, the labs, the research sites, the athletics venues, and in all of our day-to-day work. 

We will emphasize enrollment and retention based on the implementation of the Strategic Enrollment Plan and nontraditional revenue growth opportunities across our enterprise, and creative programming in FY24–FY26. We will continue to implement both efficiencies and growth-oriented solutions across all three years. By FY27, we intend to begin rebuilding our reserves.

This three-year model depends on a collaborative decision-making process, and our solutions will be data- and benchmark-driven. Our work will depend on ongoing collaboration with the Faculty Senate, senior administrators and others committed to making the decisions needed to maintain our focus on providing the best education possible for students and our institutional mission. I invite you to join in a collaborative discussion during a virtual town hall from 10–11 a.m., March 20. 

91¸£Àû is an outstanding institution. Maine’s Congressional delegation, federal agencies, Governor Mills and the Maine Legislature, corporate partners, and our generous and supportive alumni and donors all continue to demonstrate their great confidence in our institution. Our range of more than 100 majors, programs and credentials is comprehensive and designed to meet our students’ interests and build their careers. The new and innovative opportunities available to our students to engage early in experiential learning, to study side-by-side with world class scholars and researchers, and to live and lead in a caring and supportive community are extraordinary.

As a world-class, comprehensive, R1, D1 university committed to being a leader in the University of Maine System, the state, and beyond, our financial model will evolve to sustain the needs of the university in the future. And we will be successful with the help of all of you in our university communities.

Sincerely,

Joan Ferrini-Mundy

President