Curators for the University of Missouri system have approved to cut more than $35 million in jobs and school programs in the 2013 fiscal year. Officials have said the cuts are needed to balance the annual budget, which is due to rise to over $2.7 billion, not including planed salary increases for faculty who show talent.
The president of the university system, Tim Wolfe, explained that with the economy being slow and reductions in state funding, the move is necessary to ensure a balance in expenditure and available funds.
Further cuts will also be made to certain investments the system had planned. However, an extra $12 million is to be injected into financial aid for students.
Wolfe went on to say; “The University of Missouri System has continued to operate very efficiently for the past decade, but at the point where the quality of your mission is in jeopardy, it is no longer a badge of honor to do more with less.”
Roughly $8.1 million will be saved through the deletion of specific academic programs and a further $6 million will be saved by reducing the amount of funding to specific research and auxiliaries, which includes the University Press, hailed a controversial move by some.
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