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Clif’s Notes for Feb. 28, 2023

Budget planning for FY2024 is underway.

February 28, 2023 by Clif Smart

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It’s that time of the year when we dig in on the budget planning process.

We actually start to think about the upcoming fiscal year budget in November and December.  We review inflation rates, enrollment, what discussion other institutions are having about pay raises, special projects, etc.

As a reminder, the university’s fiscal year (FY) runs July 1-June 30. We’re currently in FY2023.

Salaries and inflation

The Executive Budget Committee met for the first time two weeks ago. This committee is made up of faculty, staff, students and administrators. It will meet throughout the coming months.

Inflation has been the number one topic throughout the university budget discussions for FY2024. It’s not just about salary increases that will provide some relief for our faculty and staff. It’s also about increased operational expenses also being driven by inflation – utilities, insurance, cost of food (for dining halls), etc.

For comparison on the impact of inflation, below are inflation rates for the last 10 years. Clearly the last two years have been challenging.

  • 2013 – 1.5%
  • 2014 – 0.8%
  • 2015 – 0.7%
  • 2016 – 2.1%
  • 2017 – 2.1%
  • 2018 – 1.9%
  • 2019 – 2.3%
  • 2020 – 1.4%
  • 2021 – 7.0%
  • 2022 – 6.5%

Looking forward

In the February meeting, the board made it clear that faculty and staff compensation will continue to be a priority for the coming year.

Last year, they approved a 4% across-the-board raise that went into effect July 1, 2022. The board is considering another across-the-board increase that would go into effect July 1, 2023, with the possibility of reserves for additional merit increases.

We will discuss the budget with the board again in May and bring them a final budget for approval in June. The timing aligns with the final state budget presented to the governor by the legislators at the end of May.

Thanks for all you do for Missouri State.

Clif

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About Clif Smart

Clifton "Clif" M. Smart III has served as the 11th president of Missouri State University since June 27, 2011. Smart is known throughout campus and the state of Missouri for his collaborative leadership and strong relationships with students, faculty and staff. During his tenure, the university has continually set new enrollment records, added degree programs and constructed or extensively renovated more than a dozen major campus facilities.

Before his presidency, Smart served as the Missouri State University’s general counsel.

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Filed Under: Clif's Notes, Smart Tagged With: Board of Governors, budget, Executive Budget Committee

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