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Gov. Nixon proposes to tap university reserves

Friday, December 16, 2011 | 9:02 a.m. CST; updated 10:47 a.m. CST, Friday, December 16, 2011

JEFFERSON CITY — Gov. Jay Nixon wants five Missouri universities to consider tapping their reserves to help plug a hole in next year's state budget.

Nixon's proposal would call for the universities to provide the state $106 million from their reserves. The state would then pay that money back to the universities — essentially avoiding a deep cut in their operating budgets. Over the next several years, the state would replenish the university reserves with money from the Missouri Higher Education Loan Authority.

Nixon's budget director calls it only an idea, not a definite plan. The institutions whose reserves would be tapped are MU, Missouri State University, the University of Central Missouri, Southeast Missouri State University and Truman State University.

Some state lawmakers have expressed concerns about the proposal.

 


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