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University of Missouri Facts (PDF 8.4 MB)
The University of Missouri Board of Curators approved a general operating budget of $959 million for fiscal year 2008, which begins July 1, at its June 1 meeting in Columbia.
State appropriations for the University of Missouri’s general operations will increase by $17.4 million, including a $16.8 million, or 4.2 percent, increase for operations; $485,000 for the UM-Rolla and MSU joint engineering program; and $100,000 for an ethics program at UM-St. Louis.
UM Vice President for Finance and Administration Nikki Krawitz told curators that the state appropriation figures used in developing the FY08 budget plan include the governor’s recommendation, as well as additional amounts added by the House-Senate Conference Committee for the Missouri Rehabilitation Center in Mount Vernon, MOREnet and Telehealth, and less the traditional 3 percent statutory withholding.
The budget is based on a 3.8 percent increase in tuition, as well as increases in professional, supplemental, activity, facility and health fees approved by the board at its April meeting.
A 1 percent efficiencies pool will be used to help fund campus strategic priorities, compensation increases and additional compensation investments as priorities allow. This pool totals $9 million in the operations fund.
Expenditure assumptions include a 2 percent increase in the salary merit pool to fund raises, with an additional 1 percent pool increase to address market issues.
Also included in the budget is a 2 percent cost-of-living-allowance increase for retirees.
The revenue and expenditure assumptions result in a $2.3 billion total budget. Of that budget, the operations fund represents 42 percent. In addition to operations, the total budget includes budgets for the hospitals, auxiliary enterprises, service operations and restricted activities.
The University’s expenditure budget is $110.8 million more than last year’s budget. Nearly half of the increase, or $51 million, is in salaries and wages. Of the budgeted increase, 36 percent is in the operations fund, 42 percent is in other unrestricted funds, and 22 percent is in restricted funds.
As part of the board action, UM Interim President Gordon H. Lamb was authorized to modify the FY08 budget and allocation to bring it into harmony with the state appropriation as eventually approved by the governor.