The University of Maine at Augusta will likely cut $1 million from its budget this fiscal year, UMA President Allyson Hughes Handley said Monday.

The cut comes as part of $10.6 million in cuts the state's seven-campus university system will likely make as it faces reduced revenue from investments and an order from state government to curtail spending.

University of Maine System trustees on Monday finished two days of meetings at the University of Maine-Farmington where officials shared the system's most recent financial assessment with trustees.

"We're all kind of waiting, really wondering what will actually take place," Handley said in an interview, noting that Gov. John Baldacci has yet to formally issue the curtailment order.

The university system has lost $6.7 million in investment-related revenue this year due to financial market declines. In addition, the system is operating on fewer tuition dollars, the result of a drop in enrollment across the system.