What is being cut? Can you provide examples?
A calculation (based on the guiding principles) will provide us with the amount of money that each division, school, college or department will need to cut for the current year. We anticipate that most of the cuts will come from accounts that were being held for large projects, equipment purchases, transition expenses between grants, or construction projects. Leaders in each school/college/division will make those decisions based on their own unique set of circumstances. Those decisions have not yet been made.
You mentioned auxiliary units – will Athletics be required to help with this cut?
Yes, as an auxiliary unit, Athletics will be expected to contribute based on the same calculation and principles set forth for other campus entities.
What are plant funds?
Plant funds are funds set aside for specific equipment purchases or construction needs. Money is set aside in a plant fund account typically over time and is then used for the identified purpose(s). Typically funds are transferred to and held in a “plant fund” for capital expenditures providing benefit for many years costing more than $5,000.
Will the MU Health contribute?
Yes, the hospital will provide support, the amount will be determined based on their specific financial demands in the health care industry related to financial stability rather than the same calculation that drove all the other contribution amounts.
What about raises for graduate students?
That is money in the FY18 budget and is not affected by the current actions, which are only addressing the current, FY17 budget.
What is the difference between one-time funds and recurring or rate funds?
Recurring funds (rate) are revenue sources that we anticipate will continue year after year. One time funds (cost) are balances that accumulate for a variety of reasons that are not expected to continue year after year.