Board approves June 30 financial report and purchases budgeting software

The Missouri Western State University Board of Governors on Thursday approved the June 30, 2024 financial report and authorized a purchase of budgeting and forecasting software recommended by the Personnel, Finance and Operations committee.

Vice President (finance) told the board that FY24 ended with roughly $49.6 million in global operating revenues and said the university finished about $3.8 million under the original expense budget after cost-control measures. He described a year-end operating deficit of $135,987 but said expense savings offset larger-than-expected enrollment-driven revenue shortfalls.

The committee recommended selecting Performance Solutions (the RFP winner) for budgeting, forecasting and planning. Board members were told the vendor carried a higher first-year cost but a lower three- and five-year total cost, a choice projected to save the university in excess of $100,000 over five years. The board moved and approved the RFP selection on a voice vote.

Votes at a glance: the board approved the June 27 meeting minutes, the June 30 financial report and the RFP selection; these motions carried on voice votes with no roll-call tallies provided in the meeting transcript.

Officials said cash-flow timing and designated grant-spending deadlines (city AR funds vs. state/county proceeds) affected the fiscal-year close and that forecast improvements were expected as project proceeds and receivables clear. The vice president said the university will avoid repeating an incorrect fringe-rate adjustment in the FY25 budget process after reviewing turnover-driven calculations.

The board did not amend the financial report; the item passed as presented.