COLUMBIA, Mo. ― University of Missouri leaders say the school will use a hiring freeze and 5 percent budget reduction to close a projected $32 million shortfall.
The Columbia Daily Tribune reports interim Chancellor Hank Foley sent out a memo on Wednesday saying the moves are necessary because of a sharp drop in first-year enrollment and student retention. The university initially expected a drop of about 900 students but that estimate has been increased to 1,500.
The cuts also were necessary because of likely decrease in state funding after the Missouri House cut $1 million from the campus’ allocation of state money and $7.6 million from the university system’s administrative funding.
The 5 percent spending cut would eliminate about $20 million from the budget, leaving the university with a $10 million shortfall.