Deaton addresses 2011 budget outlook
Chancellor Brady Deaton spoke to the UM system Board of Curators this morning regarding the state of MU’s budget and financial outlook.
Deaton emphasized transparency and planning in this year’s budget, as well as MU’s long-term budget planning, with projections up to 20 years in the future.
“We engage in a very multiyear planning process,” Deaton said. “We’re proud of the way we look ahead 3 years for our budget and 5 years for enrollment numbers.”
Deaton said an important part of the fiscal year 2011 budget comes from $18 million in funding located to help secure certain pieces of the budget. $9 million in permanent funding was located to offset state revenue losses and another $9 million in one-time funds will offset temporary withholdings.
MU saved approximately $4.6 million in energy conservation on campus this year, Deaton said, and MU is using debt financing to for total renovations of Tate and Switzer halls on campus.
“We will continue to be economical in managing our auxiliaries,” Deaton said.
Through reallocating resources, MU will better fund programs with higher priority and will continue to work toward more efficient processes, the chancellor said. Together with the Shared Services Initiative presented by UM system President Gary Forsee, these allocations are meant to help MU programs become more efficient.
Despite an emphasis on saving money, MU is facing growing enrollment. This growth in collected tuition, Deaton said, will contribute to growing revenues in the future.