Southeast Mo. State Board of Governors approves $146.3M FY23 budget

The board approved a $146.3 million budget on Friday, June 24. The fiscal year begins on July 1.
Published: Jun. 24, 2022 at 12:58 PM CDT|Updated: Jun. 25, 2022 at 6:28 AM CDT
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CAPE GIRARDEAU, Mo. (KFVS) - The Southeast Missouri State University Board of Governors approved a budget for fiscal year 2023.

The board approved a $146.3 million budget on Friday, June 24. The fiscal year begins on July 1.

According to a release from the university, Southeast projects an increase of $4.2 million in costs for the coming year on items such as utilities, insurance, employee benefits and software.

The university anticipates a 2.75 percent increase to health care insurance costs in the fiscal year.

According to the university, the budget also funds the final phase of a salary equity study that found 45 percent of Southeast positions were below the current market rate.

In addition to funding the salary study, a 3.5 percent merit pay increase for employees was included in the budget.

The university also continues its multi-year increases to student and temporary employee wages.

The FY23 Education and General (E&G) budget, which supports academic instruction and general operations, totals $110 million.

The board approved the operating budgets for the university’s auxiliary units, totaling $29.5 million.

According to the university, auxiliary units are those areas that generate revenue to account for expenses such as the Student Recreation Center, the Show Me Center and Residence Life among others.

The remaining $6.8 million are fund revenues designated for specific purposes or services, such as student fees.

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