How about a low cost B/W laser printer e.g. Samsung ML4500 and a mid range colour inkjet.
If you have any say in the design of the newsletter, arrange to have as much of the B/W and colour on separate pages as you can. That way you can save a lot as laser printing is way, way cheaper than inkjet. You can, of course print laser and colour inkjet on the same page but, if you do that, print the colour first.