Joplin, Mo. (SNS) – The Board of Governors at Missouri Southern State University approved a budget of $78.6 million for Fiscal Year 2017 during the board’s meeting on June 9.
Financial aid and scholarship expenses account for $16.1 million of that total, resulting in a net operating expense budget of $62.5 million.
Compensation and benefits of $41.8 million represent 67 percent of the FY 2017 operating budget. The budget includes a 2.25 percent across-the-board salary increase for employees, with a minimum $600 increase for full-time and $300 for part-time employees.
State appropriations for the upcoming school year are expected to increase by an estimated 3.66 percent, which equates to approximately 31 percent of the budgeted revenue.
While noting that the overall percentage of Missouri Southern’s budget covered by state appropriations has been on the decline, board members have reaffirmed their commitment to affordable and attractive tuition rates. The budget reflects no increase in the in-state tuition rate.
“Missouri Southern remains committed to providing our students with outstanding value in education,” said MSSU President Dr. Alan Marble.
In other business, an election of board officers was held. Glenn M. (Mitch) McCumber will serve as board chair, and Keith Hankins as vice chair. Linda Eis and Sharon Odem will continue to serve as treasurer and board secretary, respectively.
Also, following a job performance review held in closed session, the Board of Governors voted to extend Marble’s contract for an additional year.