Apr 18, 2014 03:09 PM EDT By Jaleesa Baulkman, UniversityHerald Reporter

Faculty members at the University of Maine campuses are upset to learn that the institution gave its top financial administrator a $40,000 between last fall and this spring, amid a $36 million budget shortfall, The Bangor Daily News reported.

The salary of Rebecca Wyke, vice chancellor for administration and finance and the University of Maine System, was listed at $205,000 annually, up from $165,000, The Bangor Daily News reported, citing reports of employee salaries that the University of Maine system publishes twice a year.  Her raise occurred even as layoffs and other cuts have been instituted.

"Is it a lot of money? Yes," University of Maine System Chancellor James Page told The Bangor Daily News about the raise amid widespread budget cutting efforts at the seven University of Maine campuses and system office. "And we're looking at reducing our financial management structure on an ongoing basis. But you do need to have the right people in place to get the job done."

The chancellor said Wyke was a finalist for a position at a higher education institution out of state that would have paid her more.  Page brought the question of her raise to the board of trustees in January, and they ratified the decision in an executive session. According to The Bangor Daily News, there was no mention of the raise in the open session.

"We determined that her leaving at this time would have significant adverse impact on the projects that we now have underway," Page said.

According to the College and University Professional Association for Human Resources, the median salary of a vice chancellor at universities that award doctorate degrees in the United States is $326,863. The median salary for a vice chancellor at any institution, including those that only have two-year programs, is $186,750.

Page said it would cost what the system was paying Wyke or more to replace her.

The raise comes as the system confronts a $36 million budget shortfall.  Page told the state Legislature in March that up to 165 full-time jobs would have to be cut as a result of the deficit. 

See Now: Covert Team Inside Newsweek Revealed as Key Players in False Human Trafficking Lawsuit