University of Missouri curators raise room-and-board fees
COLUMBIA, Mo. (KMIZ)
Students at the University of Missouri will see an increase in room-and-board fees.
The University of Missouri System Board of Curators met Thursday on the University of Missouri - St. Louis campus about the proposal and other topics.
Members of the finance committee discussed the rate increase for fiscal year 2024, and all voted "yes" on the increase in price. There was no opposition.
Executive Vice President of Finance and Operations Ryan Rapp gave a presentation about the fiscal year 2024 housing and dining rate recommendations.
"Most of the drivers on this is largely driven by inflationary costs pressure that we're experiencing maintaining the buildings," Rapp said. "While we're seeking these increases, we're still not out pacing inflation with what we're proposing today."
Room-and-board rates fluctuate across all four universities in the UM system. Officials said the rate increase is primarily the result of the rising cost of operations, including debt service, contract arrangements with third-party vendors and the attractiveness of each option for students.
According to Rapp, the UM system needs to build up their capital reserves. That is money that can be spent on investments that may have to be made in the future.
Proposed room and board rate changes
According to the board, the rates are below inflation for the past four years and below the national average rates for the fiscal year 2023.
The room and board rate increases will go into effect for the 2023 summer session.
