Board of Curators approves fiscal 2025 budget for University of Missouri
SPRINGFIELD, Mo. (KMIZ)
The University of Missouri System Board of Curators approved the budget for fiscal 2025 at a meeting in Springfield, Missouri, on Thursday.
The budget includes more than $2.06 billion in revenue for MU's Columbia campus.
Documents show this is an increase of about 10% compared to the projected fiscal 2024 budget of almost $1.9 billion.
Budgeted expenses for fiscal 2025 total a little over $2.01 billion. This is also an increase from last year.
However, those numbers still leave MU with a net income of around $47 million, which documents show is a 53% increase compared to fiscal 24.
"You can see with MU, we are moving back towards historical performance," UM System Chief Financial Officer Ryan Rapp said. "Some of that's being driven by some of the success we're having at the MU Research Reactor and then improvement in clinical operations over last year's performance."
Large projects receiving funding in the FY25 budget include:
- $100 million for Memorial Stadium improvements
- $35 million for renovations to the School of Medicine Building and an expansion of the Swine Facility
- $33 million for the Thompson Center
- $20.5 million for other expansions including the Radioisotope Facility at Discovery Ridge, Meat Processing Facility and Veterinary Medical Expansion
- $8 million for an addition to the Research Commons Thermal Plant
- $7 million for the expansion of the MU Research Reactor
- $4 million for a Vet Med Diagnostics Lab
- $2.5 million for renovations to Pershing Hall and Lottes Health Science Library
- $1.1 million for a fourth floor fit-out of the NextGen Precision Health building
These projects are being funded through a mixture of capital funds, gifts and government money.
Along with approving the budget, Chancellor Mun Choi also said the University of Missouri Columbia campus has seen an 18% increase in attendance from 5,298 accepted, active students in 2023 to 6,232 students in 2024.
