University slashes economic development fund - KMOV.com

University slashes economic development fund

COLUMBIA, Mo. (AP) -- The University of Missouri system is slashing a $5 million economic development fund nearly in half to address further state budget cuts.

Interim President Steve Owens says the $2.2 million cut from the Enterprise Investment Fund will cover about half of the gap created by Gov. Jay Nixon's recent move. Nixon acknowledges withholding more money from the four-campus system than from other state schools because he was upset with a decision to increase tuition and fees by more than the state's 5 percent threshold.

The individual campuses in Columbia, Kansas City, St. Louis and Rolla as well as University Extension and the system's administration will equally absorb the remaining cuts.

Owens says he decided against raising student fees or reducing financial aid or a 2 percent pay increase for employees.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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