Consulting firm PricewaterhouseCoopers outlined between $44 million and $74 million in opportunities for University of Missouri System budget cuts Friday, including benefits, facilities and information technology.
The administrative review to seek out areas for improved efficiency was described by UM System President Mun Choi before the PwC presentation as a “very important topic that really defines the future of the university.”
New board leaders
Also Friday, the UM System’s Board of Curators elected new leadership. David Steelman, a Republican, former state legislator and lawyer from Rolla, was chosen as the board’s next chairman.
Darryl Chatman, a Democrat and St. Charles County native, was elected vice chairman. Chatman is general counsel for the Department of Agriculture and was appointed to the board in February.
Looming budget deficit
Potential budget cut numbers are subject to change, a PwC consultant said. But he warned that if no action is taken, by 2023 the system will likely spend by $160 million more than it brings in, based on current trends in inflation, tuition increases and other factors.
The report identified budgetary issues as stemming mainly from declines in state funding and enrollment.