The University of Missouri System could see up to 15% in budget cuts as part of the system's response to the financial toll of COVID-19, system officials announced Tuesday morning.
The budget cuts could lead to layoffs, unpaid leaves, restructuring, strict cost containment and other measures, according to a message from chancellors of the four UM campuses. Options will be evaluated at each individual campus. Some decisions must be made by April 30 as the system works to complete a fiscal year 2021 budget by June 7.
"While the exact toll is not yet known, it is clear our major sources of funding will remain under stress and uncertainty for the short-term and into the future," the chancellors wrote. "We need to prepare for a broad range of financial outcomes."
UM System President Mun Choi, the chancellors, their cabinet members and deans will take 10% salary cuts beginning May 1 through at least July 31. Choi said many other senior leaders and administrators have been asked to also take 10% cuts for the same time period.
"We know we will be overwhelmed by the participation of our dedicated leaders," Choi said.
For more on this story as it develops, visit the Columbia Missourian's website.