Posted: May 18, 2013 3:19 PM by Associated Press
Updated: May 18, 2013 3:20 PM
JOPLIN, Mo. (AP) - Missouri Southern State University has approved a budget for the next fiscal year that will require it to dip into reserves.
The budget approved by the Joplin school's Board of Governors on Thursday includes expenses of $76.4 million, with expected revenues of $74 million.
Rob Yust, vice president for business affairs, says the university has a reserve fund of between $12.5 million and $13 million, which will easily cover the extra expenses.
The Joplin Globe reports the budget includes a 2 percent pay increase for employees, a 2 percent increase in in-state tuition and about $2 million for capital improvement projects.
The budget also includes funding for initiatives aimed at increasing enrollment, such as increasing admissions staff, a stronger recruiting campaign and outreach efforts for transfer students.