MU reallocating $25 million to offer more scholarships, research
COLUMBIA - The University of Missouri and Chancellor Alexander Cartwright released the fiscal budget for 2020, including a reallocation of $25 million.
Of the $25 million, $9.6 million will go towards scholarships, $10.5 million for employee performance and promotion raises, and the final $4.6 million towards research support.
"We are moving the institution forward. Increasing retention rates for our students. Emphasizing student success. Increasing graduation rates. Ensuring doing everything we can as an institution to minimize the costs of getting an education here," Cartwright said.
The university is taking budgeted money from different departments to fund the reallocation.
The largest move will come from the Arts and Sciences Department at $3.5 million. They were budgeted to have over $69 million, but will have just under $65 million.
The biggest budget reallocation percentage wise comes from the chancellor's office at 10.32%.
Vice Chancellor of Academic Affairs Latha Ramchand said reallocation is about playing to the university's strengths.
"To create knowledge we can research and share that knowledge with students in the classroom that is affordable and makes sense from a student perspective," she said.
Chancellor Cartwright and his staff went to the different departments beforehand asking what changes would be made if funds were reallocated.
Vice Chancellor for Finance Rhonda Gibler met with each dean to discuss moving funds from departments.
"We understand from them what challenges there are going into next year," Gibler said, "If they have a 5% reallocation or a 10% reallocation, what are some of the actions they would have to take."
Both Chancellor Cartwright and Gibler said no layoffs are expected in any of the departments.
Cartwright said he is looking to make the university more competitive and attractive for incoming students.
"We're leveraging that in our extension and in our engagements so that we can help all of our communities to even be better places," he said.
The 2020 Fiscal Year starts on July 1, 2019.