Columbia, MO – March 14, 2012 – (RealEstateRama) — The hold on tuition increase, which would be maintained at the present 3% inflation rate, will affect those of undergraduate and in-state students. The vote ensures that the University of Missouri is able to continuously provide students with accessible and affordable education. This move is, however, also expected to result into possible decrease in staff.
David Bradley, the Chair of the UM Boards of Curator, states that the decision was made in light of the economic difficulties families in Missouri are likely to be pressured with if tuition fees were to continue increasing.
Bradley, however, also acknowledged how the university also faces increase in operating costs. The hold on tuition increases was only made possible by the school’s commitment to providing affordable and attainable college education to Missourians, the governor’s decision to decrease the supposed reduction of state appropriations, and improved operating efficiencies for all 4 campuses of the university.
In the fiscal years of 2007 to 2012, the average of tuition increase per year had been at 2.7%, a figure that is significantly lower than the 6.2% average tuition increase in nearby states as well as the average 7% increase in the university’s provision of grant aid to its students. In the same period, the university also took several steps that included reductions in training, travel, and personnel together with increased savings in procurement and all of which amounted to over $220M of avoidance actions and cost management.
Tim Wolfe, UM System President, states that the university strives hard to ensure that resources granted by the state are maximized, aiming and succeeding in doing “more with less” and especially in relation to its status as Missouri’s land-grant university. Nevertheless, the scheduled budget cut and additional revenue challenges are forcing the university to make difficult decisions once more. In light of all these concerns as well as the board’s decision to maintain tuition increase at 3%, Wolfe believes that the university would still end up with a budget gap amounting to $47.1M.
As to determining what other actions the university would take in order to address this gap, the following principles would be considered:
•Determine which activities may be discontinued or continued depending on available resources
•Perform reallocations and budget reductions that are in line with the priorities and visions listed in the strategic plans per campus and the system in general
•Maintain as well as improve quality of academic experience for students
More information about the issue may be obtained from Jennifer Hollingshead of University of Missouri by calling her at (573) 882-0601 or sending an email to .
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