Kathy Mangels, vice president for finance and administration, presented a report to the Board of Regents Dec. 13, which compares the FY20 University operating budget to actual year-to-date revenues and expenditures through Oct. 31.
On the income side, state appropriations are higher than budget due to an additional $1 million appropriated after the FY20 budget was approved, which assumed flat appropriations, Mangels said. Sales and services of academic departments also is higher than budget due to unbudgeted revenues for River Campus productions and payment from the University of Missouri-Columbia for the cooperative doctoral program which is not budgeted.
Sales and services of non-academic departments exceeds budgeted revenues, she said, primarily because of gross Show Me Center ticket revenues from shows that were not booked when budgets were finalized, including the Luke Combs sellout concert in October. The line item “Foundation Support” represents the Southeast Missouri University Foundation’s transfer of funds to support the purchase of Blackbaud CRM software.
On the expenditure side, Mangels noted that personnel is less than budget due to vacant positions. The University has a three-month hiring delay for staff positions which also reduces actual personnel expenditures. Transfers Out are higher than budget primarily due to unbudgeted capital project costs such as the Towers Complex fire alarm upgrades, the campus network upgrade and phone system costs. Transfers out for mandatory bond payments were recorded in October in FY19 compared to in November in FY20.
FY20 year to date surplus exceeds FY19 by $4.8 million, Mangels said. The majority of this surplus ($3.6 million) is due to the timing between fiscal years of recording mandatory bond payments in Transfers Out.