The Missouri State Board of Governors is expected to approve an operating budget of $263 million for the next fiscal year, up $10 million from the current budget.
According to a news release, the budget increase will be funded in part by a 5.2 percent increase in state appropriations. Officials also project “enrollment growth and modest increases in non-resident and graduate tuition and fees” to assist the larger projected budget.
The current undergraduate tuition of $204 per credit hour, meanwhile, will remain the same next fiscal year. That’s because MSU is following the recommendation of Gov. Jay Nixon, and it met all five performance criteria funding measures for maximum appropriations, says President Clif Smart.
“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 new fiscal year begins July 1.
The school says a majority of the budget increase for next year will be dedicated to significant investment in the compensation package to faculty and staff. The Board is also expected Friday to approve a 1.5 percent pay increase for full time faculty and staff and various compensation initiatives during the meeting.
“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,” Smart said.
Approximately $11 million will be spent on behalf of Missouri State-West Plains. The university will also provide approximately $26 million in scholarships during the year.