University Budget Process Stability of revenue sources compared

University Budget Process • Stability of revenue sources compared to most businesses • Role of financial statement- financial accounting at one point • Operational key- expenditure budget primarily for one revenue source: Education and General

How do we get revenues • • • FBOE Governor Legislature (with proviso language) Governor (with line item veto) Revenue shortfall this year in one source- Education and General

Primary Revenue Sources • Education and General • Auxiliary Revenues (and Local Funds) • Financial Aid • Other Revenue Sources • Capital Projects- revenues and budgets entirely separate

2001 -2002 Education &General Revenues • Lottery • Student Tuition $59, 283, 229 3, 504, 412 20, 497, 658 TOTAL $83, 285, 299

Education and General Budget Process • Guidelines/priorities • Requests from units to vice presidents; Prioritize requests by vice presidents to President • President reviews divisional request with the responsible vice president • Decision by President

Auxiliary Revenue Sources • Auxiliaries are revenue earning units that support the University Mission (i. e. , food service, housing, parking, University Center, Continuing Education) • Also includes local funds for athletics, student government, student health/miscellaneous activities

2001 -2002 Auxiliary Revenues • • Sale of Goods and Services Athletics Student Government Student Miscellaneous TOTAL $18, 413, 727 3, 121, 951 2, 393, 560 1, 885, 909 $25, 815, 147

Budget Process for Auxiliaries • Guidelines/priorities • Requests from units to VPs; includes revenue estimates and proposed expenditures • David Wesse, Assistant Vice President for Auxiliaries • Auxiliary Oversight Committee makes recommendations to the President, including revenue estimates and proposed expenditures • President decides

Financial Aid Revenues • Allocations decided by externally imposed criteria • Decision on individual fit to criteria by institution or other entity • Includes Foundation scholarships

2001 -2002 Financial Aid • • • State Appropriations Federal Student Fees Private Student Loans UNF Foundation TOTAL $ 7, 096, 103 10, 086, 931 1, 100, 000 16, 569, 940 697, 026 $35, 550, 000

Other Revenue Sources • All expenditures are contractually required • Estimates based on previous year’s actual revenues

2001 -2002 Other Revenue Sources • Contracts and Grants • Foundation • TSI $9, 390, 906 405, 936 148, 158 TOTAL $9, 945, 000

2001 -2002 All Sources • • E&G Revenues Auxiliaries Financial Aid Other Revenue Sources TOTAL $83, 285, 299 25, 815, 147 35, 550, 000 9, 945, 000 $154, 595, 446

2001 -2002 E&G Budget • President Unit $ 2, 592, 073 • Administration and Finance 19, 829, 301 3. 1% 23. 8% – Plant Maintenance 7, 507, 302 – General Administration 12, 321, 999 • Institutional Advancement • Student Affairs • Academic Affairs • Reserves TOTAL 1, 821, 304 2, 285, 948 55, 317, 827 1, 438, 846 $83, 285, 299 2. 2% 2. 7% 66. 4% 1. 7% 100. 0 %

Reserves • Reserves established to cover contingencies and emergencies for all revenue sources • For E&G reserves held for- potential call backs, potential enrollment shortfalls, utility cost increases, leave liabilities • For Auxiliaries reserves held for- contractual requirements, leave liability, potential revenue shortfall, repair and replacement

Budgetary Controls • Divisional budget officers monitor department accounts against the budget • University Budget Officer and Controller monitors all balances against budget • University Budget Officer and Controller monitors student enrollment • Funds reserved (encumbered) to cover purchase orders and projected salary expenditures • Auxiliaries submit quarterly reports on revenues to the Budget Office • State auditors on campus • UNF Inspector General • State controller “pre-audits” expenditures for compliance before payments are made