University of Southern Maine President Jacqueline Edmondson delivers remarks at commencement on May 4 at Cross Insurance Arena in Portland. Ben McCanna/Staff Photographer, file

University of Southern Maine administrators are “cautiously optimistic” about the financial standing of the university, as the 2024 budget is expected to close with a positive balance and the school is on track for increased enrollment, university President Jacqueline Edmondson shared in an update Thursday.

This marks the first time since 2019 that the fiscal year will close with a “small positive balance” without relying on reserves, CARES Act funding or COVID-19 shutdowns, Edmondson said.

Philanthropic donations, reduced spending on travel and eliminating unfilled positions all helped the university achieve a balanced budget, Edmondson said.

UMaine is among many state university systems that have struggled financially in recent years amid decreasing enrollment, inflation and diminishing state investment.

“Since 2019, the university saw declining enrollment, about a 15% decline in overall enrollment,” Edmondson said. “And in the fall of 2023, the enrollment stabilized. And this coming fall of 2024, we’re anticipating about a 2% increase in enrollment overall.”

The school has also seen a 10% increase in transfer deposits, a 20% increase in transfer enrollment, a 20% increase in graduate deposits and a 21% increase in graduate enrolled students.

Edmondson said the enrollment trends can be attributed to the growth of graduate programs, an increase in transfer students, and success with out-of-state and international recruiting. Her update also mentioned the Southern Maine Pathways program, which allows Southern Maine Community College students to seamlessly transfer their credits to USM, where they can continue working toward a bachelor’s degree.

“I’m really very proud of the work that our entire university community has done to make sure that we ended the year with a balanced budget,” Edmondson said. “It’s been a lot of hard work because there have been some budget restrictions, and people have had to work really thoughtfully and carefully to make sure that they’re staying within the budgets they have.”