MU committees to advise administrators on budget

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COLUMBIA - The University of Missouri announced Thursday that two new committees were created to advise MU administrators on the university's budget.

They are the Capital Finance Advisory Committee and the Resource Allocation Model Committee.

Each budget will have a specific purpose, MU News Bureau Director Christian Basi said. 

"The Resource Allocation Model Committee is a committee that has been developed to look at our budget structure for the long term," Basi said. "How do we budget, how do we allocate certain revenues,"

Basi also said this committee will look at how MU can have a more predictable budget in the future. 

Basi said the Capital Finance Advisory Committee was set up to specifically look at how funds are allocated for capital improvements.

"Typically those are improvements that are related to buildings," Basi said. "Either building new ones or renovating older structures to better fit the needs of our students today."

Basi said the committees are needed because MU will be under a significant amount of financial stress for the next few years.

"It was necessary to to put these two committees together to take a look at how are we budgeting now, are there ways that we can be doing it better, are there ways that we can make it a little bit more predictable from year to year, and be able to move forward with long term strategic goals."

Basi said committees like these have existed in the past, but new ones were created to analyze the budget even closer. 

"We've always done a very thorough job of trying to plan for our budget, but what these two committees are really challenged is looking at it at the long term."

Basi said individuals serving on the committees will not be paid.

"We are very grateful for the service and the time that they are putting in, and it's very important that we have their voices on the committee because they'll be representing students, faculty and staff."

Each committee will include four faculty members, two staff members, three students and three leaders nominated from the campus.

The committee positions have not been filled yet.  

 Basi said the university is looking for nominations now.

"As soon as we are able to we will get the committees filled," Basi said. 

Basi said the committees will hopefully begin advising relatively soon.