The budget includes tuition and fee rates to be assessed to students for the 2019-2020 academic year which were approved by the Board in May, expense reductions, revenue increases and an employee merit salary increase of 1 percent or $700, whichever is greater, for FY20.
The $123.3 million E&G operating budget includes $3.28 million in net revenue increases to meet the FY20 budget need, including a tuition increase for the coming academic year, an increased overhead contribution from auxiliary operations, adjustments to high cost program fees and changes to web course, transcript and orientation fees.
The University also has committed to $1.01 million in expense reductions to meet the FY20 budget. These include a reduction in the institutional utility budget; salary and benefit savings from existing and future faculty and staff replacements and vacancies; additional savings from previous reorganizations in academic affairs at the regional campuses and in Advanced Placement; and previously identified reductions in Athletics.
The E&G operating budget includes estimated income of $43.53 million in state appropriations, accounting for 35.3 percent of the University’s revenue budget; $73.6 million in tuition and student fees, representing 59.6 percent of the revenue budget; and $6.31 million from other sources, accounting for 5.1 percent of the total revenue budget.
The Regents also approved the FY20 operating budgets for the University’s auxiliary units, totaling $35.5 million. University auxiliaries are self-supporting operations and include units such as Residence Life; Textbook Services; the Student Recreation Center/Student Aquatic Center; the Show Me Center; Parking and Transit; Telecommunications; and KRCU-FM National Public Radio.
The budget for Residence Life incorporates rate increases approved by the Board in February, Mangels said.