{"id":9891,"date":"2021-04-23T12:29:29","date_gmt":"2021-04-23T17:29:29","guid":{"rendered":"https:\/\/www.missouriwestern.edu\/news\/?p=9891"},"modified":"2021-04-23T12:29:29","modified_gmt":"2021-04-23T17:29:29","slug":"board-of-governors-sets-tuition-budget-for-2021-22","status":"publish","type":"post","link":"https:\/\/www.missouriwestern.edu\/news\/2021\/04\/23\/board-of-governors-sets-tuition-budget-for-2021-22\/","title":{"rendered":"Board of Governors sets tuition, budget for 2021-22"},"content":{"rendered":"

April 23, 2021–Tuition and fees for Missouri Western State University students will increase by slightly less than allowed for under state law in 2021-22. Missouri Western\u2019s Board of Governors approved the tuition and fees changes at their regular meeting April 22.\u00a0<\/span><\/p>\n

\u201cAffordability is important to our students, and we remain one of the best values in higher education in the state of Missouri,\u201d said Darrell Morrison, vice president for finance and administration.\u00a0<\/span><\/p>\n

Tuition for in-state, undergraduate students will increase $10 per credit hour, to $230. The total cost of tuition and fees for an in-state undergraduate student will be just under the $7,749.65 cap set by the state of Missouri\u2019s Higher Education Student Funding Act.\u00a0<\/span><\/p>\n

Housing rates, ranging from <\/span>$2,512 to $3,774 per semester, will not increase. Under terms of the University\u2019s contract with food service provider Aramark, meal plans will increase between 3.4 and 4.4 percent, depending on the plan selected.<\/span><\/p>\n

FY 2021-22 Budget<\/b><\/p>\n

The tuition and fee package was part of the 2021-22 budget approved by the Board of Governors. The balanced budget is based on steady enrollment and retention, additional emergency COVID-19 relief from the federal government and a restoration of state appropriations to FY19 levels. Because of actions taken last year, salary and benefit expenses will drop by more than $1.1 million, and no additional staff or faculty reductions are planned. Scholarship expenses are expected to increase by $665,000 based on the reinstatement of Missouri Western\u2019s A+ Scholarship and the annual growth of Griffon Guarantee Scholarships.<\/span><\/p>\n

In total, revenues in the 2021-22 budget total $4,277 more than the approximately $76.6 million in expenses.<\/span><\/p>\n

FY 2020-21 Budget<\/b><\/p>\n

Next year\u2019s balanced budget represents a dramatic turnaround from the budget that was approved at the start of the current fiscal year with a deficit of more than $4.5 million. Missouri Western was able to close that gap with a one-time transfer of money from the MWSU Foundation, federal emergency COVID-19 relief and reductions in expenses.\u00a0<\/span><\/p>\n

\u201cI anticipate that we will end this fiscal year on June 30 with a small surplus,\u201d Morrison said. \u201cThere is a lot of credit to go around for that encouraging news: to the Board of Governors, who have made a number of difficult decisions over the past year; to our donors and Foundation Board of Directors, who generously supported the University in our time of need; and to our faculty and staff, who have worked tirelessly to continue serving our students while holding the line on expenses.\u201d<\/span><\/p>\n

Missouri Western\u2019s cash position–the money it has on hand–has increased by more than $3.5 million in the last two years, from $13.3 million on March 31, 2019 to $16.9 million this March 31.<\/span><\/p>\n

The improved financial picture has Morrison considering a recommendation to end Missouri Western\u2019s state of financial emergency, which the Board declared last year.\u00a0<\/span><\/p>\n

\u201cWe\u2019re not quite there yet, but we may be there soon, depending on enrollment and state funding next year,\u201d he said.<\/span><\/p>\n

Bids<\/b><\/p>\n

In other action, the Board of Governors approved bids for four capital improvement projects:<\/span><\/p>\n