UM Finance Committee approves budget plans

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COLUMBIA - The UM Board of Curators Finance Committee approved three separate items Tuesday for the new school year. 

Those three items were this year's fiscal budget that starts in July, a five-year strategic plan for financial operations and a tentative look at the 2021 fiscal year budget. 

This comes just one day after Gov. Mike Parson signed the state's budget on Monday.

University of Missouri News Bureau director Christian Basi said these approvals are good news for students and faculty. 

"It means that students are going to have the teachers that they need to have in the classrooms...and be prepared when they graduate. For researchers, it means they're going to have the support that they need in their laboratories...to get those multi-million dollar grants," Basi said.

Ryan Rapp, vice president of finance, led the meeting and brought up an interesting proposal that would be added to the five-year strategic plan that will be talked about in the next meeting.

"There needs to be incentives to meet these targets and consequences. Specifically, what those are, we haven't gotten into that yet," Rapp said. 

Basi doesn't know what the incentives and consequences would look like, but sees them as a system to keep the universities in check. 

"It's a way that we want to make sure we're being held accountable. We know that we're being entrusted with a lot of state resources, a lot of tuition dollars and we have to be good financial stewards of all of that money," Basi said.

The full Board of Curators is set to meet next week to give final approval on the same items as well as discuss the incentives and consequences system. 

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