Last week the Board of Governors Executive Committee met. I wanted to take a moment to update you on their decisions at that meeting.
Tuition, fees and contracts approved
The most significant decision-item was the approval of the 2017-18 fees resolution. Tuition for 2017-18 will be $210 per credit hour for in-state undergraduate students. This includes inflationary tuition increases for calendars years 2015 and 2016.
These increases will allow Missouri State to continue to lead on affordability and to maintain its value position when compared to other universities throughout the state and region. The tuition and fee increases approved by the board will generate an estimated $3.4 million in additional revenue in fiscal year 2018, which covers a little less than half of the university’s revenue gap resulting from reduced state appropriations.
The board also approved a series of procurement items. Among these items was a revenue contract with BancorpSouth. We anticipate that this contract will allow Missouri State to increase its interest rate on deposit accounts by more than .5 percent, which will result in an anticipated $400,000 of additional annual revenue. Decisions, like this one, to identify every possible source of additional revenue will continue to be a priority as we manage the budget situation.
Finally, the board approved several contracts related to Missouri State’s physical plant. One of our guiding principles for managing the university’s budget in the coming year is that the university must continue to invest in facilities that will grow enrollment and increase revenue while continuing to align with accreditation requirements. These contracts are representative of the board’s and administration’s efforts to implement that principle.
The facilities contracts that the board approved include:
- A contract with Nesbitt Construction to renovate the computer labs in Cheek Hall. This project will create space to facilitate the university’s new Master of Science in Computer Science program.
- A contract with Base Construction and Management to expand parking lot 39 north of campus on Walnut Street. This project will address our number one student complaint by adding over 200 new parking spaces.
- A contract with Shaw Sports Turf to replace the turf at Allison Recreation Fields that will be funded entirely by auxiliary funds.
- A contract with Hastings + Chivetta Architects to consult on the third floor renovation of the Professional Building.
- A budget increase to authorize additional work as part of the Glass Hall project that will be funded entirely from foundation gifts and dedicated funds.
Thanks for all you do for Missouri State!
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