UM Board of Curators creates plan to combat inflation rates

COLUMBIA, Mo. (KMIZ)

The University of Missouri System Board of Curators met on Thursday to discuss the five-year capital Plans for MU, and to address the rising inflation rates.

In the meeting, Ryan Rapp, Chief financial officer for the University of Missouri, pointed out that the consumer price index (CPI) is exceeding 8% for March when it ended at 7% in 2021.

Inflation is affecting the Universities by

• Power Plan operations are affected by the cost of energy
• Paper plan operations are impacted by the cost of timber
• Medical supply costs increase with the demand
• Labor market pressure increasing

During the meeting, Rapp said "The key for us as we think about this, will be continuing to grow revenue and our price increases to keep pace with inflation, but then also make sure that we continue to find cost efficiency. I think... I think I've said this many times but it's not one or the other, we actually have to be able to deliver both."

Rapp also presented a capital plan that is already budgeted into the fiscal 5-year plan.

"For MU overall it's consistent with the plans that were approved in September," said Rapp.

The only changes that were made since the curators last met in the fall are that they would like the Lottes Health Sciences Library Building to be renovated for consolidation.

"It's a part of the facility's consolidation into one location," Rapp said that the goal is to have the department of child health moved from women and children to Lottes.

During the meeting, Rapp also created an aspirational strategic project. These projects are designed in the event that the college gets extra funding, grants, or any extra money is made available to them. In this case, they will already have plans created so they can easily submit the plans, or jump straight into the new project.

There was only one new aspirational project that was added to this year's plan, which is the National Swine Resource and Research Center - Addition for NIH CO6 Grant Funding. This was added so that the university can double the animal housing capacity and expand the swine lines that they currently have.

There were no changes made to the MU Health Care fiscal year plan, and the consolidation and inpatient services expansion is still set in place.

The five-year fiscal plan was passed unanimously.