After a year of many changes on-campus and across the region due to the effects of the pandemic and the economy, the new budget was approved for Southeast Missouri State University.
As the University begins its 150th year as an institution, the Southeast Board of Governors approved a $146.3 million for fiscal year 2023, which begins July 1st.
The announcement stated that ‘as the cost of doing business rises for most organizations, Southeast projects an increase of $4.2 million in costs for the coming year on items such as utilities, insurance, employee benefits, and software’.
The meeting was held at the Holiday Inn St. Louis, Southwest Route 66 over two days— June 23rd and 24th, and among the items discussed was the expected 2.75 percent increase in healthcare insurance costs in the upcoming fiscal year. The budget will also fund the final phase of a salary equity study that found that 45 percent of Southeast positions were below the current market rate.
This work began in 2020 to bring all employees to the minimum of their new salary range. In addition to funding the salary study, a 3.5 percent merit pay increase for employees was included in the budget. The University also stated that it will continue its multi-year increases to student and temporary employee wages.
The FY'23 Education and General budget, which supports academic instruction and general operations, totals $110 million. The Board approved the operating budgets for the University’s auxiliary units, totaling $29.5 million. Included in this category are the Student Recreation Center, the Show-Me-Center and Residence Life, among others.
The remaining $6.8 million is earmarked for specific purposes or services, such as student fees.
Aside from the FY'23 budget approval, the Southeast Missouri State University Board of Governors also granted post-professorial merit to 13 faculty members and promoted eight faculty members to the rank of professor and 11 to the rank of associate professor with tenure.
In addition, 13 faculty members received non-tenure track merit.
On May 20th, the Southeast Board of Governors set tuition and fees for Fall 2022. For the 2022-2023 academic year, total tuition and general fees for undergraduate Missouri residents went from $290.50 to $300.50 per credit hour— an increase of about four percent.
Undergraduate online rates decreased 5.4 percent, from $317.50 to $300.50. Increases were also approved for graduate and lower-division regional campus courses. The Board kept existing general fees at the same rate as the previous academic year.
