The University of Missouri announced Friday that it is shifting $25 million out of the general revenue budget, and putting the money toward student scholarships, faculty and staff raises, and research support.
The reallocations will lead to an average cut in general revenue of 4.68 percent for the different colleges, schools, and divisions on campus (click the chart below for more details). General revenue covers funding from tuition, state appropriations and collected facilities and administration costs on grants and from auxiliaries.
“Faculty, staff, and students collectively have thought about ‘How do we continue to make this an exceptional institution?’,” Chancellor Alexander Cartwright says. “Of course, budgets do remain tight.”
Of the reallocated $25 million, MU plans to put $9.6 million toward scholarships, $10.5 million toward pay raises, and $4.6 million toward research support.
Mizzou officials say they do not expect widespread layoffs in Fiscal Year 2020, but some are possible.
“When we reallocate, it’s us having to make really difficult decisions about how do we move to a greater good, not how do we cut something that wasn’t important before,” vice chancellor for finance Rhonda Gibler says.
A school spokesman says overall funding is expected to remain about the same for the university, but it is too early to know that for sure.
“We’re not shrinking,” provost Latha Ramchand says. “We’re here to deliver to your needs. And that’s essentially what we’re doing with these reallocations.”