Financiall Overview F O and Budget g Recommendations David Cummins Vice P Vi President id t ffor Fi Finance and Administration/CFO Mike Sherman Senior Vice President and Provost; Chief Operating Officer Overview: FY12 General Fund Revenues General Fund revenue comes from two primary sources: Tuition/fees and state appropriations. UA expects about $15M less in state appropriations. The General Fund pays for instruction, research, public service, academic support student services and other support, activities. Tuition and fees, 69% [$271M] State appropriations, 23% [$90M] Transfer-in from FY11 underspend, 2% [$8M] Investment/ endowment income 1% [$2M] income, Departmental sales, 4% [$14M] Other, 2% [$6M] • Indirect cost recovery • Quaker Sq. lease payments • Overhead reimbursement from foundation Th generall ffund dd The does nott pay ffor: 1. Auxiliary Services (parking, dining, retail, etc.) 2 Residential 2. R id ti l Lif Life and dH Housing i 3. Most Capital projects GENERAL FUND REVENUE, FY12 BUDGET 2 Overview: FY12 Proposed Expenditures Personnel, including Dept. Sales, 42% [$164M] Fringe benefits benefits, including Dept Dept. Sales, Sales 15% [$60M] Scholarships, including GA fee remissions, [ ] 10% [$39M] Auxiliary support, 9% [$37M] Central funded operational support, 8% [$29M] Non-personnel academic, 3% [$11M] Non-personnel academic support, 3% [$13M] Operations supported with dedicated fees, 3% [$13M] GENERAL FUND EXPENDITURES, EXPENDITURES FY12 BUDGET Departmental sales, non-personnel non personnel only, 2% [$10M] Debt retirement, 2% [$9M] Transfer to reserves, 2% [$6M] 3 Overview: State Support and Tuition since 1987 1987 198 2012 Since 1987, the cost of higher education has shifted from the state to the student. 4 Budget Recommendations for FY2012 5 Major Changes in Revenue, FY11 vs. FY12 • $15M reduction d ti in i state t t funding f di • Increase in tuition of 3.5% • Projected increase in student credit hours of instruction 3.5% 3 5% Image (to come) • Transfer from FY11 to FY12 under spending of $8.4 under-spending $8 4 million 6 FY12 Budget: Effect on Units C ll Colleges = average reduction d ti off 2% Academic Support Units = average reduction of 4% UNIT BUDGETS TO BE DETERMINED STRATEGICALLY BY: 1 Alignment 1. Ali t with ith th the strategic-plan t t i l priorities i iti 2. Enrollment growth in recent years 3. Growth in budget over recent years 7 Major Changes in Expenditures, FY12 vs. FY11 CAPACITY AND EXCELLENCE ASSURANCE, 51% FUNDING ENHANCEMENTS STRATEGIC INVESTMENTS, 39% $20 million FISCAL INTEGRITY, 10% 8 FY12 Budget: Priority I CAPACITY AND EXCELLENCE ASSURANCE • Compensation adjustments pp for extended locations: Lakewood,, Medina,, etc. • Support • Additional graduate student fee remissions 9 FY12 Budget: Priority II STRATEGIC INVESTMENTS • Increase scholarship pool proportionally to tuition increase • New student scholarships: • Pell-eligible continuing students who were ineligible for general scholarships on admission, but since have earned a cumulative 3.0 with a two-semester, full-course load • Select new freshmen with an ACT of 21 and a 3.0 or better • New freshmen with ACT between 22-26 • Increase full full-time time faculty • Start-up funds 10 FY12 Budget: Priority III FISCAL INTEGRITY • Ensure appropriate reserves [Ohio Senate Bill 6 ratio ti off 2.5 2 5 or greater] t ] • Build the reserve • Build a fund to enhance facilities 11 FY12 budget: New investments Funding enhancements = $20M NEW INVESTMENTS TO BE WEIGHED BY: 1 Alignment 1. Ali t with ith th the strategic t t i plan’s l ’ priorities i iti 2. Viability of unit’s proposal to meet criteria of Fiscal Integrity Capacity and Excellence Assurance Integrity, Assurance, and Strategic Investments 12 Our Budget: Selected Cost Containment Measure GRO OUP INSURA ANCE ANNU UAL EXPEN NSES Our move to self-insurance in FY11 has helped contain healthcare costs. Change from FY10: – 5.6% 13 Questions? 14
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