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Missouri State Board of Governors will approve 2014-15 budget

Tuesday, June 17, 2014

Missouri State University’s operating budget for 2014-15 will be about $263 million, up approximately $10 million from the current year. Friday (June 20), the Missouri State Board of Governors is expected to approve the operating budget for fiscal year 2015, which begins July 1 and runs through June 30, 2015.

The budget increase will be funded in part by a 5.2 percent increase in state appropriations, continued enrollment growth and modest increases in non-resident and graduate tuition and fees. Tuition for Missouri undergraduate students will remain at the 2013-14 rate of $204 per credit hour. The university’s commitment to hold Missouri undergraduate tuition the same from 2013-14 to 2014-15 is based upon the Governor’s recommended budget and the approved General Assembly’s budget.

“The Missouri State University Springfield and West Plains campuses met all five performance funding measures which has provided the university the maximum appropriation increase for fiscal year 2015,” said Missouri State President Clifton M. Smart III. “That is a tribute to our entire campus community, especially our very talented and dedicated faculty. Meeting the performance measures, as well as increasing enrollment, are two key factors in increasing our funding each year.”

The majority of the increase in the budget will be dedicated to significant investment in the compensation package to faculty and staff for fiscal year 2015. The Board is expected to approve a 1.5 percent pay increase for full time faculty and staff and various compensation initiatives during the June meeting. This continues the Board’s commitment to improve compensation for faculty and staff.

“Increasing compensation for our employees remains a priority both for the Board and for my administration,” said Smart. “We are not where we want to be with salaries yet, but have made good progress over the past three years and this is yet another positive step forward.”

In March, the Board approved modest increases in non-resident and graduate tuition and fees while maintaining tuition for Missouri undergraduate at the 2013-14 rate of $204 per credit hour. The Board also approved a student approved $50 per semester fee to support athletics and recreational facility improvements. The cost to attend Missouri State remains below the national average.

Approximately $11 million will be spent on behalf of Missouri State-West Plains.

The university will provide approximately $26 million in scholarships during the year.

The FY15 operating budget is available online on the Board’s Finance and Facilities Committee Agenda.

About Missouri State University
Missouri State University is a public, comprehensive metropolitan system with a statewide mission in public affairs, whose purpose is to develop educated persons. The university’s identity is distinguished by its public affairs mission, which entails a campus-wide commitment to foster expertise and responsibility in ethical leadership, cultural competence and community engagement.
 
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