MSU board expected to approve $263M budget

The Missouri State University Board of Governors is expected to approve a $263 million fiscal 2015 budget during its Friday meeting.

The budget, which covers the fiscal year beginning July 1, is up roughly $10 million from the current year, according to a news release.

The fiscal 2015 budget bump would be funded by a 5.2 percent increase in state appropriations, expected enrollment growth and slight increases in nonresident and graduate tuition and fees. The budget takes into account Gov. Jay Nixon's request for a tuition freeze on undergraduate tuition from the current year rate of $204 per credit hour.

“The Missouri State University Springfield and West Plains campuses met all five performance funding measures, which has provided the university the maximum appropriation increase for fiscal year 2015,” MSU President Clif Smart said in the release. “Meeting the performance measures, as well as increasing enrollment, are two key factors in increasing our funding each year.”

The majority of increased funding will go toward paying salary increases for faculty and staff. During tomorrow's meeting, the board also is expected to approve 1.5 percent pay increases for full-time employees, as well as various compensation initiatives, according to the release.

“We are not where we want to be with salaries yet, but have made good progress over the past three years and this is yet another positive step forward," Smart said in the release.

The budget also includes roughly $11 million for MSU-West Plains expenses and $26 million in scholarships.