The Southeast Missouri State University Board of Governors approved a $152.9 million budget for fiscal year 2024, which begins July 1.
The FY23 Education and General (E&G) budget, which supports academic instruction and general operations, totals $114.8 million. The operating budgets for the University’s auxiliary units total $29.8 million. Auxiliary units are those areas that generate revenue to account for all their expenses such as the Student Recreation Center, the Show Me Center and Residence Life among others. The remaining $8.3 million are funds designated for specific purposes or services, such as student fees.
Missouri’s House and Senate have approved HB03 which provides Southeast a seven percent increase in operating appropriations which is awaiting Governor Mike Parson’s signature. Southeast’s Vice President of Finance and Administration Dr. Brad Sheriff says while the increase is welcomed, if signed by the Governor, it is also offset by rising operating costs necessary for the University.
The approved budget includes a projected increase of $1.7 million in costs for the coming year on items such as utilities, property insurance, employee benefits and software. The University also anticipates a five percent increase to healthcare insurance costs in the fiscal year. A four percent merit pay increase for employees was included in the budget.