COLUMBIA, MO (KMIZ)
The University of Missouri System Board of Trustees met Thursday to discuss UM’s five-year capital plans and to address rising inflation rates.
During the meeting, Ryan Rapp, chief financial officer of the University of Missouri, pointed out that the consumer price index (CPI) exceeded 8% for March when it ended at 7% in 2021.
Inflation affects universities in
- Power Plan operations are affected by the cost of energy
- Paper plan operations are impacted by the cost of lumber
- Medical supply costs rise with demand
- The pressure on the labor market is increasing
During the meeting, Rapp said: “The key for us as we think about it will be to continue to increase our revenues and our price increases to keep pace with inflation, but also to make sure that we continue to find the profitability. I think… I think I’ve said it many times, but it’s not one or the other, we actually have to be able to deliver both.”
Rapp also presented a capital plan which is already budgeted for in the five-year fiscal plan.
“For MU as a whole, it aligns with the plans that were approved in September,” Rapp said.
The only changes made since the last meeting of curators in the fall is that they would like the Lottes Health Sciences Library building to be renovated for consolidation.
“It’s part of consolidating the facility into one place,” Rapp said. The goal is to move the Department of Child and Women’s Health to Lotte.
During the meeting, Rapp also created an ambitious strategic plan. These projects are designed in case the college gets additional funding, grants, or any extra money made available to them. In this case, they will have already created plans so they can easily submit them or move directly to the new project.
There was only one ambitious new project that was added to this year’s plan, and that was the National Swine Resource and Research Center – Addition for NIH CO6 Grant Funding. This was added so that the university could double the animal housing capacity and expand the pig industries it currently has.
No changes have been made to MU Health Care’s exercise plan, and consolidation and expansion of inpatient services are still in place.
The five-year tax plan was adopted unanimously.