MSU board approves $253M budget

The Missouri State University Board of Governors approved a $253 million budget for the upcoming academic year, a $5 million increase from the current fiscal year.

Approved June 21, the budget covers fiscal 2014, which starts July 1 and ends June 30, 2014, according to a news release.

“This is the first time in five years that the legislature has approved an increase in state appropriations, so we are very grateful," MSU President Clif Smart said in the release. "This increase will help us continue to fulfill our mission of providing an outstanding education at a reasonable cost.”

The 3.1 percent increase in state appropriations was approved by the legislature but awaits Gov. Jay Nixon's signature. The increased budget figure also includes increases in tuition and fees approved earlier this year.

As part of the budget, all full-time faculty and staff will receive a 2 percent pay increase, making up the majority of the additional $5 million fiscal 2014 improvement.

"The increase in state appropriations, along with our strong enrollment, has made this salary increase possible,” Smart said. “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.”

The budget allots another $10 million for MSU's West Plains campus and roughly $27 million to be paid out in scholarships during the school year, the release said.