University of Missouri makes plan to cover budget gap

University of Missouri

COLUMBIA, Mo. (AP) – The University of Missouri’s Columbia campus will cover a $17 million gap between budgeted spending and available revenue with the help of the medical school and campus operations.

The Columbia Daily Tribune (http://bit.ly/2mWABdm ) reports the university released figures Thursday revealing how unrestricted reserve funds could make up for lost state revenue withheld in January by Gov. Eric Greitens.

Interim Chancellor Hank Foley said at a faculty meeting Wednesday that each unit on campus will be taxed based on its ability to carry additional financial burdens.

The School of Medicine and campus operations are the two biggest contributors, with the medical school providing $3.1 million and campus operations providing $1.65 million.

Foley says the plan only addresses the shortfall in the budget year ending June 30. The next fiscal year’s gap is expected to grow to as much as $50 million.