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University Relations
Board of CuratorsAcademic, Student and External Affairs Committee
June 14, 2013
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Show Me Value Tour: Farmington/Lebanon
• 600+ 8th and 9th grade students• Chamber of Commerce roundtables• Business tours
• PlayPower/Little Tikes Commercial• Independent Stave Company
Wolfe with Farmington Mayor Mit Landrum and Mineral Area College President Steven Kurtz
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2013 Legislative Session
Tracked by UM (10.7%)
Operating Budget• $395M for UM in FY14
• (Includes $1M for large animal vet program at MU)
• $12.4M in additional performance funding available for UM
• $10M for MU School of Medicine and Springfield cooperative program
State Revenues Strong• Up 10% to date over last year
177
1,653 bills and resolutions filed
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Legislation Passed in 2013
• Extension Districting
• Sunshine Law - Signed by the Governor on May 31
• Second Amendment Preservation Act
• Telehealth
• Amateur Sporting Event Tax Credit -- Signed by the Governor on March 29
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Tax Reduction Bill – HB 253Vetoed by the Governor June 5
Highlights:• 0.5% individual income tax cut; 3% corporate income tax cut• 50% business income deduction• Includes trigger for some cuts based on previous year revenues• Includes tax amnesty, Streamlined Sales and Use Tax• Potential shortfall in GR of $800M - $1.2B
Reasons Governor vetoed:• Missouri is already a low tax state• Loss of revenue would harm education, higher education, other services• Increases taxes on prescription drugs, textbooks
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Legislation Not Passed, Likely to Return in 2014
• Medicaid Expansion
• Tax Reform
• Sales Tax Increase for Transportation
• Energy Policy
• Higher Education Bonding
• Higher Ed Funding Formula
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Federal Relations
• Student Loan Interest Rates• Federal interest rate for undergrads set to increase from 3.4% to
6.8% on July 1• HR 1911 passed U.S. House on May 23
• Places interest rates to the 10-year Treasury Note, plus a specified markup and includes a cap
• The terms of student loans under this proposal are variable, not fixed
• U.S. Senate has not considered a stand-alone bill yet
Senator McCaskill held a roundtable discussion with 15 MU students on May 30 in Columbia