Joplin, MO (SNS) – The Board of Governors at Missouri Southern State University approved a budget of $77.6 million for Fiscal Year 2016 during a meeting held Wednesday, June 4.

Financial aid and scholarship expenses account for $16.2 million, resulting in a net operating expense budget $61.4 million.

Compensation and benefits represent 67 percent of the net operating budget. As part of the budget proposal approved by the board, the administration was authorized to increase compensation with a 1 percent, across-the-board salary increase for eligible employees. The minimum increase will be $300 for full-time employees and $150 for part-time.

State appropriations have increased by approximately 1 percent and represent approximately 31 percent of the budgeted revenue.

Tuition reflects a .8 percent increase in the in-state tuition rate; net tuition and fees represent approximately 31 percent of the budgeted revenue.

Resident life revenue reflects a $1.1 million increase due to the Fall 2015 opening of the new, 201-bed residence hall complex.

In other business, the board held an election of officers, with the results keeping members in their previous positions. James Fleischaker will continue to serve as board chair, with Glenn M. (Mitch) McCumber as vice chair. Linda Eis and Sharon Odem will continue to serve as treasurer and board secretary, respectively.

The board also approved a resolution for the university to begin exploring an opportunity for bond refunding. If bonds were to be refunded, it would provide additional savings to the university.