MU colleges, schools and divisions will lose $25 million collectively in fiscal year 2020, campus leaders announced Friday. The funds will be reallocated to support scholarships, employee performance and research efforts.
"We're not going to always be everything that we've been and grab ahold of what the future needs us to be," Rhonda Gibler, MU's chief financial officer, said at a morning news conference.
Of the $25 million, $9.6 million will be shifted to support scholarship funding, $10.5 to support employee performance and promotion raises, and $4.6 to support research.
Administrative units will take the brunt of budget reductions. They include:
- Office of the Chancellor, 10.3 percent decrease, from $2,228,971 in fiscal 2019 to $1,998,971 in fiscal 2020
- Office of Advancement, 10.78 percent decrease from $4,639,234 to $4,139,234.
- In total, close to $10 million will be cut from those two offices as well as the Office of the Provost, Campus Operations, Human Resources Services, the Office of Finance and other administrative offices.