Nixon Says University Borrowing Plan Is 'Off The Table'

Ann McClure's picture

Gov. Jay Nixon said Thursday that he will not tap university reserves to help balance Missouri's budget, scrapping the idea just a few weeks after its debut generated a generally negative reaction.

Nixon's administration had floated an idea that would have taken $106 million from the reserves of five of Missouri's largest universities to help fund the higher education operating budget for the 2013 fiscal year. The reserves would have been replenished over several years with money from Missouri' student loan agency.

Asked Thursday about the idea, Nixon responded: "That is off the table."

The idea had not gone over well with some university officials and state lawmakers, whose approval would have been needed.

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