SPRINGFIELD, Mo. -- Missouri State University’s operating budget for the coming year will be about $253 million, up approximately $5 million from the current year. The Missouri State Board of Governors on Friday approved the operating budget for fiscal year 2014, which begins July 1 and runs through June 30, 2014.
The budget increase will be funded by a modest increase in tuition and fees and a 3.1 percent increase in state appropriations. The increase was approved by the legislature, but must still be approved by the governor.
“This is the first time in five years that the legislature has approved an increase in state appropriations,” said MSU President Clif Smart, “so we are very grateful. This increase will help us continue to fulfill our mission of providing an outstanding education at a reasonable cost.”
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 2014. The Board approved a 2 percent pay increase for full time faculty and staff at its May meeting.
“The increase in state appropriations, along with our strong enrollment, has made this salary increase possible,” said Smart. “While we are still behind the average for our peers, we are making progress to that goal. It is a priority for our Board and for me and my administration.”
In March, the Board approved a 1.7-percent increase in Missouri resident undergraduate tuition and student fees, a 3 percent average increase in room and a 4 percent increase in board charges. The cost to attend Missouri State remains below the national average.
Approximately $10 million will be spent on behalf of Missouri State-West Plains. The university will provide approximately $27 million in scholarships during the year.
The operating budget is available online at http://apps.missouristate.edu/bog/agenda/assets/IV.A.4.%20FY14%20small%20budget%20book.pdf