In this issue, I discuss actions the Board of Governors took at their March 12 meeting.
Board approves tuition, authorizes refinancing of JQH Arena bonds
The Board of Governors met on Thursday, March 12. I want to highlight two important actions the board took at this meeting.
First, the board approved the 2015-2016 fee resolution. This resolution includes an inflationary tuition increase for in-state students. This increase means that tuition will go up only $1, from $204 to $205 per credit hour. No new differential fees were included in this year’s resolution. However, online course tuition will be increased by $10.
Missouri State prides itself on being the value option for higher education in Missouri. When we consider the tuition and fees charged by our competitors, these tuition adjustments will not have a significant impact on the University’s affordability. At the same time, modest tuition and fees adjustments are necessary to continue the University on a path toward accomplishing its goals. The increases for 2015-2016 are a critical part of creating the revenue necessary to fund compensation increases and expand quality programs.
Refinancing JQH Arena bonds will save University $2 million
Second, the board authorized the University to refund (i.e., refinance) the JQH Arena bonds. Through this refunding, the University will pay less interest on its obligations. The refinancing will save the University more than $2 million over the life of the bonds. This will allow us to spend more resources on the students, employees, and programs that make up the University. I am proud to work with a team of board members and senior administrators that are always mindful of our obligation to be responsible financial stewards.
Thanks for all you do for Missouri State!