COLUMBIA, Mo. -- Elson S. Floyd had little time to celebrate after accepting the University of Missouri presidency, plunging Wednesday into meetings with state leaders and grappling with shrunken higher education funding.

Between statehouse meetings, the first black president in the university's 163-year history told The Associated Press: "We have our challenges ahead, but I am convinced that with a shared vision that we'll be able to achieve them."

Floyd, 46, arrived in Missouri on Wednesday as his hiring was publicly confirmed by the university's Board of Curators.

He has served the last four years as president of Western Michigan University and has built a two-decade resume in higher education administration.

He formally takes over Jan. 6 from Manuel Pacheco, the four-campus system's first Hispanic president, who is retiring.

Dealing with money woes

But Floyd was already immersed Wednesday in meeting key players in Jefferson City, where the university's budget has been sliced by $44 million.

"We are all hopeful about his leadership, because in Missouri, our higher education funding is in a crisis," said Craig Blessing, 28, student government president at the University of Missouri-Kansas City.

Slumping state revenue and a sluggish economy have prompted reductions in state spending across the board. The state portion of the university budget, $443 million in the last fiscal year, was reduced to $399 million this year.

Among Floyd's first statehouse stops was a private introductory meeting with Gov. Bob Holden. The governor said afterward that Floyd is "personable, highly qualified and appears to demonstrate the leadership qualities needed to make some very hard choices during tight budgetary times."

Floyd told the AP that university funding is a "very high priority, because that's the resource base for the university.

"So we are having conversations with the governor and key legislative leadership, talking about the budget, but more importantly the common vision we share for higher education in the state," he said.