UM System updates finance policies, could save up to $2 million

University of Missouri System officials announced on Thursday that they will update policies and initiate cost-cutting measures regarding the university’s fleet starting in February.

The decision comes after recommendations were made from a statewide taskforce. The taskforce was designed to help manage the state’s fleet of vehicles more efficiently and effectively.

“This is just one more opportunity for us to deliver upon our commitment to be good fiscal stewards and identify administrative and operational efficiencies system wide,” UM System Vice President for Finance Ryan Rapp said.

The UM System will update business policies regarding methods of transportation and vehicle. Officials will reduce the mileage reimbursement rate, they will create a new trip Optimizer tool, and will collaborate with the state on longer-term initiatives.

“The University is pleased to be part of this effort,” UM System President Mun Choi said. “As with all of our recognized cost-savings, this will allow us to continue to invest further in the success of our students, faculty and staff and bring value to the citizens of Missouri through community and economic development.”