The Board of Governors met last week on the West Plains campus. This provided a great opportunity for us to highlight the success of our associate degree programs and spotlight West Plains’ students, faculty and staff.
Board approves budget, bonding and Learfield contract
I want to draw your attention to three of the Board’s action items.
Budget includes 1.8 percent salary increase
First, the Board approved the fiscal year 2016 operating budget. This budget is in line with the Executive Budget Committee’s recommendations that I outlined in a prior Clif’s Note. The budget includes a 1.8 percent compensation increase for all full-time faculty and staff. It also includes an instructor equity pool and staff merit/equity pool. These pools resulted in 52 instructors and 300 staff receiving compensation increases based on equity and merit in addition to the 1.8 percent across-the-board raise.
Board approves bonds for Glass Hall renovations
Second, the Board authorized the issuance of bonds to construct the planned addition, renovations and improvements to Glass Hall. This project is an important step in elevating the College of Business’s facilities to enhance success for the more than 5,000 business majors at Missouri State. We anticipate breaking ground in the fall.
Contract with Learfield extended
Finally, the Board approved a new 11 year contract with Learfield Communications, Inc., the University’s athletics media-rights contractor. This agreement provides several benefits for Missouri State. First, Learfield will pay for an LED fascia ribbon scoreboard in JQH Arena, saving the University more than $500,000. Moreover, the contract will result in the University receiving $332,500 in guaranteed payments next year, a $72,500 increase over the prior contract. Additionally, these payments will increase by $50,000 each year except 2017, when the payment will go up by $100,000. This is a significant improvement over the prior contract and will help us better fund our athletic programs.
Thanks for all you do for Missouri State!