Posted: Jul 3, 2014 9:35 AM by Tori Chamberlain, KOMU 8 Digital Producer
Updated: Jul 3, 2014 11:08 AM
COLUMBIA - MU Chancellor R. Bowen Loftin announced Thursday the University of Missouri will need to reallocate more than $3.8 million to cover losses in state funding.
Loftin said in a statement that each division on Mizzou's campus is being asked to reallocate a certain amount of their budget based on their current balances and the amount of general revenue they receive, as well as any auxiliary enterprise funding.
Loftin's statement also said auxiliary departments, such as Intercollegiate Athletics and Residential Life, will also be participating in the budget reallocation even though they receive no state funding. For this reason, Loftin says those department heads will have discretion on deciding how they will provide their share.
The budget reallocations are attributed to withholdings Gov. Jay Nixon announced in April and May.
KOMU 8 News will be speaking with univeristy officials and post a breakdown of the cuts and more about the impact later Thursday on KOMU.com.