FARMINGTON — Over the past six months, the University of Maine System has taken a hard look at its finances, performance and ability to meet the changing needs of Maine people.

UM Chancellor Richard Pattenaude and trustees Marjorie Medd and Victoria Murphy met with community and campus members Friday at the University of Maine at Farmington to discuss the results of that effort the “New Challenges, New Directions” initiative. This was the first of public comment sessions being held at campuses throughout the state through October.

The Board of Trustees will vote on the final report and whether to implement the new plan at their Nov. 16 meeting.

Representatives from all seven universities within the UM system and community members have helped gather information and ideas to form the plan for the future of the university system.

Their conclusion, according to the final plan draft, “it’s a good university system but it must resolve its financial issues and improve its performance in order to continue adding value to Maine in the years ahead.”

After cutting a million from the budget this year, a growing gap in finances during these difficult economic times is one of two major challenges, Pattenaude said.

If no action is taken within four years, there is a projected $43 million gap between revenues and expenses and it’s growing larger over time, he said.

Part of that dilemma results from reduced state allocations and a loss on invested funds coupled with the colleges facing less student enrollment.

While state budget shortfalls in this economy reflect a limited ability for more aid, tuition increases cannot fill the gap, he said. There has to be a reduction in costs.

The schools need to educate more students, more successfully with less money, he said.

According to the report, increases could affect the ability of Maine families to afford a public college education at a time when Maine needs to produce more college graduates to equal the educational level of other New England states. At the same time, community college enrollment has risen 12 percent in this past year, he said.

The plan includes a starting goal of increasing enrollment statewide by 500 students.

“Each campus needs to up enrollment, the reward — the tuition that comes with it,” he said. “Although some think 500 is way too small, it’s a start towards bridging the gap.”

The other challenge of performance addresses the role of the university in preparing Maine people to compete in a changing world.

“UMF looked at its mission statement 10 years ago but now the world has changed,” said UMF President Theodora Kalikow.

Another review, one that will look at different populations including adult learners is expected to be undertaken, she said.

The plan also calls for less focus on the universities as competitors within a system and a move to be more collaborative with easier transfer between schools, more sharing of services and programs offered and increasing programs in future necessary fields such as science, technology, engineering and math.

The entire plan can be viewed at www.maine.edu/UMSNCND and public comments can be e-mailed to [email protected] or by regular mail to NCND, c/o Board of Trustees Office, University of Maine System, 16 Central St., Bangor, ME 04401 by Oct. 30.

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