The UM System Board of Curators convened in the Havener Center at the Missouri University of Science and Technology on Thursday.
The governing body of the university system reviewed preliminary budget reports for the fiscal year 2014.
Preliminary budget predictions assume state funding will account for 14 percent of the $2.9 billion budget, according to official documents.
The largest portion of the budget, about 45 percent, comes from sales, services and patient revenues, and nineteen percent of the overall budget comes from net tuition and fees. The preliminary budget includes about $266 million in scholarships.
The board also projects that enrollment, which has grown by about 19,000 students since 2001, will bring about $3.5 million in revenue.
UM System President Timothy Wolfe will give a report on the system Friday, and each of the chancellors of the four campuses in the university system will give statements about the future of their institutions, according to the board’s agenda.
Challenges facing the university system include reduced state and federal funding and limits on tuition increases, according to official documents.
MU’s strategy statement focuses on four themes, including strengthening interdisciplinary research, faculty recruitment and development, enhancing campus infrastructure and resources, and strategic investment to drive local and state economic development and education.
The chancellors will provide detailed plans to meet their objectives in the board’s next meeting at MU from June 13-14. The development of a strategic planning process for the next five years became a priority when Wolfe announced the strategy in 2012.