Southeast Missouri State Board of Regents Approves Operating Budget for Next Semester

The Southeast Missouri State University’s Board of Regents recently gave their approval to an operating budget that is worth$139 million for the fiscal year 2021 that starts on July 1. This budget is 2.7 percent less than the budget for this year. This operating budget that was recently approved includes the university’s Education and General, designated and auxiliary fund budgets. In addition, the budget also includes tuition and fee rates that will be assessed to students for the upcoming fall semester that were approved by the Board of Regents in May, along with expense decreases and revenue raises. University officials say the university has developed a budget plan for the next three academic years and the university’s estimated budget need is $20.8 million for the next three years. The university finished a salary market study this past year that compared currant university pay rates by position to applicable local, regional or national data. The study revealed that almost half of the positions were below the current market rate. The budget that was approved by the board has the first adjustments in it.  The opening phase will bring every university employee the minimum of their new salary range and five percent towards the market salary identified for their position in July. The new operating budget that was approved on Monday has  $1.13 million in net revenue increases within it in order to meet the fiscal year 2021 E&G budget necessity due to increased tuition rate levels. Southeast Missouri State has also committed a 12.5 percent decrease in total E&G operating budgets for every division to be enforced over the next three fiscal years to meet current and long-term budget necessities.

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