BANGOR — The University of Maine System’s trustees have approved a $529 million budget for the next academic year that freezes tuition but eliminates more than 150 positions system-wide.

The budget approved Monday for 2014-15 includes $11.4 million from emergency reserves to help fill a $36 million budget shortfall.

Trustee Norman Fournier says the budget isn’t ideal, but it’s the best the board could do given the circumstances.

The seven-campus system has been dealing with flat state funding and declining enrollment.

Chancellor James Page says the system still faces financial problems, including a projected $46 million deficit next year, and more cuts may be on the way.

The system is also looking at tuition increases in the future.

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