The Board of Governors at Missouri Western State University adopted operating and auxiliary budgets for the fiscal year that begins July 1. The Board also authorized a $13.7 million bond issue and elected new officers for the coming fiscal year.
The operating budget for 2015-2016 totals approximately $53.5 million, down slightly from the current year’s estimated budget of $54 million. The auxiliary budget totals approximately $13.2 million, up slightly from the current year’s estimated budget of $12.9 million.
On the revenue side, the operating budget includes a 1.21 percent increase in state appropriations because Missouri Western hit all five of its performance funding measures, and a tuition increase of less than one percent for in-state undergraduate students. Expense increases include a 2 percent salary increase for all employees and an anticipated increase of up to 10 percent in health insurance costs.
Auxiliary budget revenue increases include a rise in room and board rates approved by the Board of Governors in March. Expense increases include the salary and fringe benefit increases for employees, the addition of a full-time Title IX coordinator position, and the Spratt Stadium renovation project.
Bond Issue
The Board also approved a bond issue of approximately $13.7 million to finance the Spratt Stadium project and refinance a 2010 bond issue.
The project to improve Spratt Stadium was initially approved by the board last November. The board awarded a contract of approximately $7 million to E.L. Crawford on April 27 and construction began last month.
The stadium project includes the demolition of the existing concourse, concessions area, restrooms and press box; construction of a new concourse, concessions area, restrooms, press box and club level, including suites; repairs and improvements to the home grandstand seating; removal of the old track and relocation of the field closer to the home stands; relocation of the visitors’ side grandstands to be closer to the relocated field; and new field turf. Construction began
The 2010 bond issue is itself a refinance of a 1998 bond issue, which in turn refinanced earlier bond issues to fund housing and recreation construction in the early 1990s and funded an expansion of the Blum Student Union. The refinancing allows the university to achieve interest savings and bonding flexibility.
Brig. Gen. Gregory Mason
Board Officers
The Board of Governors accepted the recommendation of the nominating committee and elected Brig. Gen. Gregory Mason as chair and David Liechti as vice-chair of the board for the fiscal year beginning July 1. Gen. Mason has served on the board since 2012 and Liechti joined the board last year.
Missouri Western State University is a comprehensive regional university providing a blend of traditional liberal arts and professional degree programs. The university offers student-centered, high quality instruction that focuses on experience-based learning, community service, and state-of-the-art technology. Missouri Western is located in St. Joseph, Mo., and is committed to the educational, economic, cultural and social development of the region it serves. Visit www.missouriwestern.edu.