SPRINGFIELD, Mo. -- Show-Me State leaders are looking for ways to close a looming budget gap in the 2012-13 fiscal year. Gov. Jay Nixon wants the state's five largest public universities to tap into their reserves to provide the state with loans totaling more than $100 million. That total would include more than $13 million from Missouri State University.
Linda Luebbering, the governor's budget director, says revenue growth will not make up for the loss of $750 million of one-time funding sources in the current budget, including federal stimulus money.
"Frankly, we're open to any ideas that would help us get over the hump in dealing with the cut," said MSU Interim President Clif Smart.
Under Nixon's plan, the state government would tap into the reserves of the five state schools to help fill the budget hole. That would mean borrowing a total of $106 million, including $13.7 million from Missouri State University and $62.3 million from the University of Missouri.