University of Missouri Proposes 2% Tuition Increase
Students on the four campuses of the University of Missouri system are facing another two percent increase in tuition next year. The proposed increase part of the preliminary budget presented to the Board of Curators and is similar to those of each of the last five years.
There’s still a $25 million gap between the revenue the tuition boost and other fee increases are expected to generate and promised increases in salary and benefits. And that doesn’t include deferred maintenance.
The system’s vice president of finance and administration, Nikki Krawitz, admits that’s an unsustainable situation.
“We have to look at possibilities for additional revenue generations, and then look at more efficient and effective ways to carry out the business that we’re in,” says Krawitz.
Krawitz says the university has cut almost $275 million between 2009 and 2012, compared with about $175 million in new revenue.
Krawitz says the budget also doesn’t address the impact of automatic federal spending cuts and tax increases that could take effect January 1st.
“That will have an impact on our research funding that our faculty get, and it could pit have some impact on financial aid, it will have an impact on our extension program.”
Krawitz did not know how much so-called sequestration would add to that gap. The board will consider the tuition increases at its January meeting. The final budget is due in June.