Update on Fiscal Year 2015 Budget
On Tuesday, Governor Jay Nixon announced that he is withholding the entire five percent increase for higher education included in the Fiscal Year 2015 budget. For Truman, this is over $2 million. While this action is disappointing, it was not unexpected, as the final budget passed by the General Assembly exceeds current revenue projections.
Our FY 2015 operating budget approved by the Board of Governors was based on the appropriation recommended by the Governor and approved by the General Assembly. We should know more about FY 2015 funding after the veto session in mid-September. Until then, we have made the following decisions in reaction to the withholding.
The previously approved raise of 2% will be implemented as well as other salary decisions such as faculty promotions.
We will defer on all major equipment purchases unless there are possible safety implications.
All operations budgets will be reduced by an 8% restriction to the previously approved FY 2015 amount.
We will continue to carefully review all personnel actions and move forward to fill critical needs.
I have asked the academic deans and others to look at additional administrative efficiencies. Operating budgets will be restored if Governor Nixon decides to release the five percent increase after the mid-September veto session and enrollment remains stable.
Have a great weekend.