University of Missouri considers tuition hike amid shortfall
ROLLA, Mo. (AP) — The University of Missouri System may face a budget shortfall of up to $200 million a year by fiscal 2023 without new revenue sources and additional spending, according to a university report.
The system’s chief financial officer, Ryan Rapp, prepared the report and presented it to the Board of Curators Thursday, the Columbia Daily Tribune reported . The board is considering tuition increases for the fall, particularly if lawmakers approve new state tax cuts.
The past three years mark the first time since the 1960s that state aid, tuition revenue and enrollment have all declined, Rapp said.
The university has pushed for more flexibility to increase tuition if Gov. Eric Greitens’ state funding cuts are enacted for the coming year. The institution would not be able to close the gap without having such authority, Rapp said.
The board considered a proposal Thursday that would increase tuition for students besides in-state undergraduates by 2.1 percent. Tuition for professional programs would increase between 2.1 and 8 percent.
Students in engineering, education, nursing, business and health management could also see new or increased fees under the proposal.
For example, credits for engineering courses could increase to $210 per hour to replace the supplemental fee of $90. Credits per hour would increase to more than $108 for nursing undergraduates, a 9 percent hike, and more than $209 for nursing graduate students, a 3 percent hike.
Despite the increases, the university’s total revenue is anticipated to fall in the coming year because of declined enrollment.
The board will make a decision after lawmakers pass the state budget in May.
Information from: Columbia Daily Tribune, http://www.columbiatribune.com