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April

18

2019

Financial Plan for Fiscal Year 2020

Dear colleagues,

Each spring, we prepare our financial plan for the upcoming fiscal year. As we go through this process, we do so without full knowledge of how state budget realities may impact our institution.

That said, we know we will have to continue addressing budget planning efforts amidst ongoing financial constraints. I want to thank our many leaders who support this process, as well as the members of our state legislature who are doing their best work for our system while facing their own difficult decisions.

In the coming days, your chancellor and chief financial officer will provide information regarding your university’s upcoming fiscal year. Each university has budget challenges, but we must prioritize areas that strengthen our institutions and provide the greatest benefit to students and citizens.

Realigning behind our highest priorities may require we hone our strategy. However, our efforts will remain steadfast on a course we began more than two years ago. Through careful stewardship of our resources, we will reaffirm our foundation: excellence in student success, research and creative works, engagement and outreach and inclusive excellence. We will carry on our work to make quality higher education affordable and accessible through investments in scholarships and programs that reduce costs for students across the system.

We’ll also build upon the operating efficiencies we’ve created. Compared to 2001, our universities now grant twice as many degrees for one-third less in operating costs—and we still educate the vast majority of Missouri’s medical and educational professionals.

Together, our University community has achieved many successes in challenging financial climates. I am confident in our direction and privileged to work among so many talented people.

Sincerely,

Mun Y. Choi
President, UM System

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